GROVY : ITAT DELETES RS 1 CR TAX ADDITION, PARTLY ALLOWS APPEAL

• ITAT Delhi Bench "B" partly allowed the company's appeal for AY 2020-21, deleting the ₹1 Cr addition under section 68 • Addition related to unsecured loan from M/s Nandini Tradex Pvt Ltd; tribunal held identity, creditworthiness and genuineness established • No violation or contravention has been held against the company • Assessment order had raised a demand of ₹119.24 L; deletion is expected to reduce the tax demand • Company said there is no impact on operations

Grovy India Ltd

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