Identity & Creditworthiness Proved; ITAT confirms deletion of Rs. 20.25 Cr Loan addition

ACIT Vs Skybridge Real Estates LLP (ITAT Kolkata) Identity & Creditworthiness Proved – Unsecured Loans through Banking Channels – ITAT confirms deletion of Rs. 20.25 Cr Loan addition. In assessment, AO had made addition of Rs. 20.25 crore treating unsecured loans as unexplained cash credits, consisting of Rs. 19.50 crore from Babcock Borsing Ltd. & Rs. 75 lakh from Williamson Financial Services Ltd. AO doubted creditworthiness & genuineness of lenders. CIT(A), however, deleted addition after verifying facts. It was noted that in the case of Babcock Borsing Ltd., figure was ...