Discharge of Onus u/s 68 of Income Tax Act by Furnishing Identity and Creditworthiness of Parties: ITAT Deletes Income Tax Addition [Read Order]

By Ipsita Das - On July 9, 2023 4:30 pm - 2 mins read
Discharge of Onus - Income Tax Act - Income Tax - Furnishing Identity and Creditworthiness of Parties - Furnishing Identity - Creditworthiness - ITAT - Income Tax Addition - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT), held that the assessee has discharged the onus cast under Section 68 of the Income Tax Act, 1961 by Furnishing Identity and Creditworthiness of Parties and directed the Assessing Officer (AO) to delete the income tax addition. The assessee company Yizumi Precision Machinery (India) Private Limited…

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