Presumptive Additions U/s 68 & 69A in Search Cases Quashed

Jigna Kundan Bhatt Vs DCIT (ITAT Mumbai) Explained Loans & Family Jewellery Protected: ITAT Mumbai Deletes Additions u/s 68 & 69A in Search Case Mumbai  ITAT   allowed the appeal of Jigna Kundan Bhatt for AY 2020-21 and deleted additions made u/s 68 (unexplained cash credits) and u/s 69A (unexplained jewellery) arising out of a search action u/s 132. On the issue of unsecured loans of ₹20 lakh, the Tribunal held that the Assessee had fully discharged the onus u/s 68 by furnishing confirmations, PAN, ITR acknowledgements and bank statements of the lenders evidencing transactions th...