Opening Loan Balances Not Taxable Again u/s 68: Mumbai ITAT Sends Addition Back for Verification

Viking Technology & Trade Pvt. Ltd. Vs DCIT (ITAT Mumbai) Opening loan balances cannot be taxed again u/s 68 – Mumbai ITAT sends bogus loan addition back for fresh verification In a significant ruling, the Mumbai ITAT held that opening balances of old unsecured loans cannot automatically be taxed u/s 68 in a subsequent year merely because the assessee failed to initially furnish complete supporting documents during reassessment proceedings. The Tribunal restored the matter back to the AO for fresh verification after admitting crucial additional evidence. The reassessment proceedings ...