ITAT Remands Unsecured Loan & Advance Booking Additions for Fresh Adjudication

Hemant Kumar I.T.O. (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, has set aside additions made by the tax authorities regarding unsecured loans and property advances for Assessment Years (AY) 2010-11 and 2011-12 in the case of Hemant Kumar I.T.O. The Tribunal has directed the Assessing Officer (AO) to conduct a fresh examination of the evidence related to these transactions. The appeals, ITA Nos. 1464 and 1465/DEL/2019, challenged the order of the Commissioner of Income Tax (Appeals) [CIT(A)]-1, Gurgaon, dated March 31, 2016. The core of the dispute revolved around additions ...