AO Misconstrued Directions by PCIT, ITAT Kolkata Directs Re-adjudication

Rajendra Kumar Mishra Vs ACIT (ITAT Kolkata) In the case of Rajendra Kumar Mishra vs. ACIT, the Income Tax Appellate Tribunal (ITAT) Kolkata addressed discrepancies arising from the assessment order passed under section 143(3) of the Income-tax Act, 1961. The appellant contested the additions made by the Assessing Officer (AO), asserting that they misinterpreted the provisions regarding unsecured loans. The appellant challenged the addition of Rs. 32,99,000 under section 68 of the Income Tax Act, treating unsecured loans as unexplained cash credits. They argued that the AO misapplied sections ...