CIT(A) Cannot Delete Loan Additions Without Allowing AO to Verify Additional Evidence

ITO Vs Baba Vishwakarma Engineering Co. Pvt. Ltd (ITAT Delhi) ITAT Delhi restores ₹2.35 Cr loan addition for fresh examination – CIT(A) deleted addition based on additional evidence without giving AO proper opportunity Assessee company faced a best judgment assessment u/s 144 because it did not respond to multiple notices. AO treated ₹2,35,50,000 of unsecured loans as unexplained cash credits u/s 68 and added the entire amount. Assessee then went to CIT(A), produced fresh documentary evidence including confirmations, sale deed of the lender (Mrs. Savita Kamboj), and bank & financial ...