Sec 68 Addition on Alleged Bogus Loans Remanded – No Independent Enquiry by AO or CIT(A)

ACIT Vs Sunil Giridhar Raheja HUF (ITAT Mumbai) AO made addition of ₹50 lakh u/s 68 treating loans from alleged entry operators (Sampada Chemicals Ltd. & P. Saji Textiles Ltd.) as accommodation entries based on Investigation Wing report. CIT(A) deleted the addition. ITAT held: AO relied only on third-party information: No independent verification of bank statements or transactions Addition partly beyond scope of reopening: Reasons recorded were only for one party, but addition made for two CIT(A) also erred: Deleted addition without conducting proper verification Both authorities faile...