ITAT deleted sec. 68 additions as assessee produced various details to prove identity and creditworthiness of parties

INCOME TAX : Where assessee-company received an unsecured loan from three parties, in view of facts that assessee had produced various details such as financial statements and bank statements of creditors and their confirmation letters to prove transactions and, further, all transactions were routed through proper banking channel, impugned addition made on account of said unsecured loan received by assessee was unjustified

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