ITAT Mumbai Restores ₹32.67 Cr Loan Addition Due to Incomplete Verification of Creditors

ITO Vs Pushpa Construction Company (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal concerned Assessment Year 2018–19 and was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals), which had deleted multiple additions made by the Assessing Officer relating to unsecured loans, work-in-progress (WIP), and property sales. Unsecured Loans (₹32.67 crore): During assessment proceedings, it was observed that the assessee, a partnership firm engaged in real estate development, had received unsecured loans from 201 parties amounting to ₹39.83 crore. T...