Grovy India Wins ITAT Appeal on ₹1 Crore Loan Addition

Grovy India Ltd has received a favorable order from the Income Tax Appellate Tribunal (ITAT), Delhi Bench, concerning Assessment Year 2020-21. The ITAT partly allowed the company's appeal, deleting an addition of ₹1,00,00,000 (₹1 Crore) made under Section 68 of the Income Tax Act, 1961, related to a loan from M/s Nandini Tradex Pvt. Ltd. The Tribunal held that the company had discharged its onus regarding the identity, creditworthiness, and genuineness of the loan. While grounds related to jurisdiction and penalty initiation were kept open, the deletion of the addition is expected to reduce the tax demand. The company confirmed no impact on its operations.