Failure to Prove Creditworthiness of Parties and Genuineness of Transaction :ITAT Upholds Addition u/s 68 [Read Order]

Creditworthiness of Parties and Genuineness of Transaction - Genuineness of Transaction - ITAT Upholds Addition - ITAT - Addition - Taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld addition under Section 68 of the Income Tax Act 1961 on failure to prove the creditworthiness of the parties and genuineness of transaction. The assessee company ,Shalibhadra Exports Pvt. Ltd. was engaged in the business of trading in gold bars and jewellery and had…

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