Addition for loans taken in earlier years: ITAT remands matter back to AO 

Arun Babulal Shah Vs CIT (ITAT Mumbai) In the case of Arun Babulal Shah Vs CIT (ITAT Mumbai, the ITAT remanded the matter back to the Assessing Officer (AO) for further verification. The dispute involved the addition of Rs. 7,93,74,917 as unproved loans and disallowance of Rs. 56,06,404 in interest. The ITAT found that several of the loans were carried over from earlier years and thus should not be added to the current year’s income. For loans and interest related to this year, the ITAT directed the AO to verify the claims with proper documentation and evidence, as some aspects remained unve...