Addition u/s 68 of Income Tax Act shall be made when Identity, Creditworthiness, and Genuineness of transactions are not satisfactorily explained by Assessee: ITAT [Read Order]

By Sunayana Dhal - On September 14, 2023 9:00 am - 2 mins read

Addition - Income Tax Act - Identity - Creditworthiness - Genuineness of transactions - satisfactorily explained by Assessee - ITAT

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the addition under Section 68 of the Income Tax Act, 1961 shall be made when the identity, creditworthiness, and genuineness of the transactions are not satisfactorily explained by the assessee. The assessee filed its return reporting a total income of Rs.20,130/-. The case…

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