Palco Tex Feb Limited Vs Income Tax Officer ITAT Delhi Case

ITAT Deletes Section 68 Addition on Funds Received from Directors and Group Concern The Income Tax Appellate Tribunal (ITAT) Delhi, holds that additions cannot be made merely on suspicion when identity, creditworthiness and genuineness of transactions are duly established through documentary evidence. The assessee company was engaged in the business of dyeing and printing of…