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of The assessee had declared long-term borrowings received from related parties. The CIT(A) deleted the addition u/s 68, observing that the assessee had established the identity, creditworthiness, and genuineness of the share applicants/lenders, except for the loan from M/s. Ambika Tradeexpo Pvt. Ltd. The ITAT upheld the CIT(A)'s findings, accepting that the assessee had substantiated the transactions through banking channels, confirmations, balance sheets, and income tax returns of the lenders. However, the addition of Rs. 1 crore concerning M/s. Ambika Tradeexpo Pvt. Ltd. was sustained as the assessee failed to provide adequate documentation. Consequently, the Revenue's appeal was dismissed, except for the addition pertaining to M/s. Ambika Tradeexpo Pvt. Ltd.
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