Addition of unexplained income unsustainable as source of money and identity of creditors explained

ITO Vs Sporting Pastime India Ltd. (ITAT Chennai) ITAT Chennai held that addition of unexplained income unsustainable as source of money including identity of the creditors is duly explained by the assessee and further the amount has been transferred through proper banking channel only. Facts- The assessee company is engaged in project of developing golf course and related works in East Coast Road of Chennai. During the course of assessment proceedings, AO on the basis of information furnished by the assessee opined that the assessee has derived benefit in the form of cessation of liability to...