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2017 (3) TMI 75 - ITAT DELHIAddition u/s 68 - Held that:- The assessee has raised loan of ₹ 2 lacs from Sh. Sachin Aggarwal and ₹ 3 lacs from Smt. Lata Aggarwal and during the examination by the Ld. CIT(A) Sh. Sachin Aggarwal has admitted to have given a sum of ₹ 2 lacs to the assessee during the AY 2011-12. I further find that Sh. Sachin Aggarwal and Smt. Lata Aggarwal even though have declared the same in their balance sheet, books of accounts and they are assessed to tax, which itself proves the identity, creditworthiness and genuineness of the transactions and hence, the addition in dispute is not sustainable in the eyes of law, therefore, the same is deleted. - Decided in favour of assessee.
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