Unsecured Loan Addition Sustained, Expense Disallowances Deleted: ITAT Delhi Ruling

Mir Singh Vs ITO (ITAT Delhi) No Proof of Loan Genuineness – Rs.10 Lakh Addition Confirmed, But Expense Relief Granted; ITAT Delhi Grants Partial Relief – GP & Loan Additions Sustained, Expense Disallowances Deleted Assessee, an individual, filed appeal against order of CIT(A) confirming multiple additions made in scrutiny assessment. AO had assessed total income at Rs.31,98,300/- against returned income of Rs.8,62,610/- by making additions on account of low gross profit, unsecured loan, certain expenses & adhoc disallowances. On gross profit, AO applied GP rate of 4% & added ...