ITAT Directs Assessee to Prove Creditor’s Identity and Creditworthiness

Sankpal Developers Vs ITO (ITAT Mumbai) The case of Sankpal Developers Vs ITO (ITAT Mumbai) pertains to ITA No. 280/Mum/2024, where Sankpal Developers (the assessee) challenged the order dated December 27, 2013, passed by the National Faceless Appeal Centre (NFAC), which upheld the Income Tax Officer’s (ITO) assessment dated December 17, 2018. This assessment was conducted under Section 143(3) read with Section 147 of the Income Tax Act, 1961, for the assessment year 2014-15. The ITO determined the assessee’s total income as ₹40,75,000 against a returned income of nil. The primary co...