Addition u/s. 68 restored due to deliberate withholding of information from NFAC: ITAT Pune

Splice Biotech Pvt. Ltd. Vs ITO (ITAT Pune) ITAT Pune directed addition u/s. 68 of the Income Tax Act towards unsecured loans as appellate deliberately withhold information from NFAC and NFAC failed to examine the nature of transaction and passed order in perfunctory manner. Facts- The assessee is a company engaged in the business of dealing, developing of properties and manufacturing-cum-trading of recycled betelnut. AO made addition of Rs. 5,20,00,000/- on account of unsecured loans received from various parties. Being aggrieved by the order of assessment, an appeal was filed before the NFAC...