https://www.taxtmi.com/caselaws?id=386704 The Tribunal found that the assessee successfully proved the identity, genuineness, and creditworthiness of the loan creditors with substantial documentation. The retracted statements of the directors were deemed unreliable. Rulings from the Hon'ble Delhi High Court supported the decision. The addition of Rs. 88,59,987/- by the AO was deleted, including Rs. 50,00,000/- as a loan and Rs. 38,59,987/- as interest. The appeal was allowed as the AO's addition lacked substantial evidence. The order was issued on 06.09.2019. en-us Fri, 06 Sep 2019 00:00:00 +0530 Fri, 04 Oct 2019 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386704 The Tribunal found that the assessee successfully proved the identity, genuineness, and creditworthiness of the loan creditors with substantial documentation. The retracted statements of the directors were deemed unreliable. Rulings from the Hon'ble Delhi High Court supported the decision. The addition of Rs. 88,59,987/- by the AO was deleted, including Rs. 50,00,000/- as a loan and Rs. 38,59,987/- as interest. The appeal was allowed as the AO's addition lacked substantial evidence. The order was issued on 06.09.2019. Case-Laws Income Tax Fri, 06 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386704