Addition of opening balance of unsecured loan u/s 68 is unsustainable

ITO Vs Rahul kantilal Shah (ITAT Mumbai) ITAT Held that addition on the basis of the opening balance of unsecured loan treating the same as current year transaction by invoking section 68 of the Income Tax Act is unsustainable. Facts- The assessee was deriving income from profit and gains from partnership firm M/s. Sadguru Properties and M/s Sadguru and Krishna Developers and interest income is offered under the income from other sources. The A.O on perusal of the balance sheet as on 31-03-2012 found that the assessee has unsecured loans of Rs. 9,44,02,666/-. The AO has called for the details...