Fedora Sea Foods (P.) Ltd. v. ACIT (2025) 238 TTJ 104 (Hyd.)(Trib.).

S.68: Cash Credits-Genuineness of Loans-Established the identity, creditworthiness and genuineness of the lenders-Addition was deleted.

Where the assessee-company established the identity, creditworthiness and genuineness of the lenders by furnishing confirmations, bank statements, financial statements and income-tax returns, and the advances were received through banking channels and duly explained with reference to acquisition of fixed assets, the addition under section 68 was unsustainable. The Assessing Officer was directed to delete the addition. (AY. 2013-14)

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