₹18 Crore Unsecured Loan & Purchase Addition Set Aside for Lack of Proper Inquiry

Uma Strips Limited Vs ACIT (ITAT Delhi) ₹18 Cr Group Loans & Purchase Disallowance Sent Back: Delhi ITAT Grants Relief on Trade Creditors, Orders Fresh Probe Delhi ITAT partly allowed the Assessee’s appeal, holding that additions on account of unsecured loans and purchase disallowance were made without proper examination and violation of natural justice, while deleting the addition of ₹1.13 crore towards trade creditors u/s 68. The AO had made multiple additions: (i) ₹17.99 crore u/s 68 treating unsecured loans from group entities as unexplained, relying on Investigation Wing input...