ITAT Mumbai Partially Allows Raheja Legacy Trust’s Appeal on Loan Additions

Raheja Legacy Trust Vs ACIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai partially allowed the appeal of Raheja Legacy Trust against additions made by the Assessing Officer (AO) regarding unsecured loans. The AO had disallowed a substantial portion of the loans, citing the trust’s failure to provide complete lender confirmations and bank statements. The trust, however, submitted additional evidence under Rule 46A of the Income Tax Rules before the Commissioner of Income Tax (Appeals) [CIT(A)], explaining that COVID-19 restrictions hindered earlier submissions. The CIT(A) acc...