Additions for unexplained cash deposits u/s 69A and loans made u/s 68 without proper verification was restored back

Harishkumar Khushalray Bhatt Vs ITO (ITAT Ahmedabad) Conclusion: Addition of Rs.32,61,500/- under section 69A and Rs.3,24,382/- under section 68 should be restored to the file of the Assessing Officer for de novo adjudication as it were made without proper verification of evidence and without granting adequate opportunity to the asseessee. Held: Assessee was engaged in the business of trading in plastic pipes under the proprietorship concern Hima Sales Corporation. He had filed his return of income on declaring a total income of ₹11,57,940. The case was selected for scrutiny under CASS to ve...