Section 68 Dispute Remanded as Source of Unlisted Share Funds Remained Unverified

ITO Vs Aashna Developers Pvt. Ltd. (ITAT Ahmedabad) ITAT Remands Section 68 Addition Because Lender’s Source of Funds Requires Fresh Verification; Unsecured Loan Addition Sent Back Because Repayment Through Banking Channels Was Not Independently Verified; ITAT Orders Fresh Examination Because Accommodation Entry Allegation Needs Detailed Fact Verification.  The Income Tax Appellate Tribunal (ITAT), Ahmedabad, partly allowed the Department’s appeals for Assessment Years 2018-19 and 2022-23 for statistical purposes by setting aside the orders of the Commissioner of Income Tax (Appeals) and ...