Loan cannot be treated as bogus without considering documents submitted by Assessee

Ramanlal K. Darji Vs ITO (ITAT Mumbai) The AO rejected the loan transaction and treated the same as unexplained cash credit u/s 68 of the Act. Needless to say that the assessment order has been passed u/s 144 of the Act. No opportunity of being heard was given to the assessee. The books of accounts have been rejected and the cash credit was added to the income of the assessee without giving an opportunity of being heard to the assessee in accordance with law. The assessee has confirmed the loan which lies at page 1 to 9 of the paper book. The confirmation is on the record. The said documents w...