https://www.taxtmi.com/caselaws?id=409456 The ITAT Delhi allowed the appeal of the assessee, directing the Assessing Officer to delete the addition of Rs. 1 crore under section 68 of the Income-tax Act. The ITAT found that the assessee had successfully established the identity, credit-worthiness, and genuineness of the transaction with direct evidence, including banking transactions and supporting documents. The absence of the Director of the lender company was not sufficient to disregard the evidence presented. The ITAT emphasized the importance of meeting the statutory requirements when making such additions, ultimately ruling in favor of the assessee. en-us Wed, 07 Jul 2021 00:00:00 +0530 Thu, 08 Jul 2021 08:46:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409456 The ITAT Delhi allowed the appeal of the assessee, directing the Assessing Officer to delete the addition of Rs. 1 crore under section 68 of the Income-tax Act. The ITAT found that the assessee had successfully established the identity, credit-worthiness, and genuineness of the transaction with direct evidence, including banking transactions and supporting documents. The absence of the Director of the lender company was not sufficient to disregard the evidence presented. The ITAT emphasized the importance of meeting the statutory requirements when making such additions, ultimately ruling in favor of the assessee. Case-Laws Income Tax Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409456