Unsecured Loan Addition Deleted as No Incriminating Material Found during Search

JS Infrastructure Vs ACIT (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal, Mumbai, was filed by the assessee against the order passed by the Commissioner of Income Tax (Appeals) under Section 250 of the Income-tax Act, 1961 for Assessment Year 2017–18. The appeal was filed with a delay of two days, which was condoned by the Tribunal after accepting that the assessee had shown sufficient cause. The assessee, a partnership firm engaged in construction and real estate development, had filed its return of income declaring nil income. Following a search and seizure action under ...