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, creditworthin

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