https://www.taxtmi.com/caselaws?id=396612 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, Supreme BuildCap Private Limited, in a case involving the addition of Rs. 5 crores under Section 68 of the Income Tax Act, 1961. The ITAT found that the assessee had adequately proven the identity, creditworthiness, and genuineness of the loan transaction with M/s Maharaasa Visions Pvt Ltd. The tribunal concluded that the transaction was transparent, conducted through proper banking channels, and well-documented, leading to the deletion of the addition by the Assessing Officer and the Commissioner of Income Tax (Appeals). en-us Thu, 09 Jul 2020 00:00:00 +0530 Mon, 13 Jul 2020 10:58:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396612 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, Supreme BuildCap Private Limited, in a case involving the addition of Rs. 5 crores under Section 68 of the Income Tax Act, 1961. The ITAT found that the assessee had adequately proven the identity, creditworthiness, and genuineness of the loan transaction with M/s Maharaasa Visions Pvt Ltd. The tribunal concluded that the transaction was transparent, conducted through proper banking channels, and well-documented, leading to the deletion of the addition by the Assessing Officer and the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Thu, 09 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396612