Naveen Infradevelopers & Engineers Pvt. Ltd. v. Dy.CIT (2021) 213 TTJ 344 / 205 DTR 271 (Delhi)(Trib.)

S. 68 : Cash Credits-Identity, creditworthiness and genuineness of the transaction was proved-Addition was held to be not justified.

Tribunal held that the  assessee had furnished various evidences to establish the identity, creditworthiness and genuineness of the transaction and the party giving loan to the assessee had also personally appeared before the AO and confirmed the transaction. Therefore, addition could not be made merely because the assessee was a small company and loan transaction was huge and AO could not prove any fault in the various documents furnished by assessee. Accordingly, addition was deleted.