No addition for unsecured loan received if Source & Nature explained

ITO Vs Sandeep S. Dagaria (ITAT Mumbai)

ITAT notices that Assessing Officer has merely proceeded to make addition of Rs.7,00,000/- unsecured loans merely because the Rajat Group of Companies involved in the transaction of bogus purchases and rejected the evidences submitted before him i.e. assessee has submitted the confirmation balance and the transactions were only routed through bank and there is nothing on record brought by the Assessing Officer to believe that these transactions were non-genuine and except relying on th

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