ITAT Mumbai Deleted Section 68 Addition for Proven Identity & Creditworthiness of Lenders

ITO Vs Savla Associates (ITAT Mumbai) ITAT Mumbai Upholds Deletion of ₹5.54 Crore Section 68 Addition on Unsecured Loans The Mumbai ITAT dismissed the Revenue’s appeal and upheld the NFAC’s order deleting an addition of ₹5.54 crore made under section 68 on account of unsecured loans received by the assessee, a partnership firm engaged in real estate development. The Assessing Officer had treated loans from 37 creditors as unexplained, alleging failure to establish identity, creditworthiness, and genuineness, and pointing to cash deposits in creditors’ bank accounts prior to advancing...