Section 68 Addition Cannot Be Sustained Without Proper Evaluation: ITAT Mumbai

Anirudh Bhimjibhai Dudhat Vs ITO (ITAT Mumbai) Section 68 Addition Cannot Be Sustained Without Proper Evaluation — ITAT Remands Case to CIT(A) The Mumbai Bench of the Income Tax Appellate Tribunal allowed the assessee’s appeal for AY 2014-15 and set aside the order of the CIT(A) for failure to adjudicate the issue of unsecured loans under section 68 in a reasoned and judicial manner. The Assessing Officer had made an ex-parte addition of ₹38.67 lakh under section 68 in respect of unsecured loans from five parties, citing non-compliance during assessment proceedings. In appellate proceedi...