Failure to prove Creditworthiness of Creditor and Genuineness of Transaction: ITAT confirms Addition u/s 60 of Income Tax Act [Read Order]

Creditworthiness of Creditor - Genuineness of Transaction - ITAT - Income Tax Act - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) confirmed the addition under Section 60 of the Income Tax Act, 1961 due to the failure of the assessee to prove the creditworthiness of the creditor and genuineness of the transaction. The assessee company filed its return of income declaring loss at Rs.53,05,870/-. The assessment…

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