ITAT Quashes ₹8.35 Cr Loan Addition u/s 68 Due to Denial of Cross-Examination

Horizon Buildmart Pvt. Ltd Vs ACIT (ITAT Delhi) Reopening Sustained but ₹8.35 Cr Loan Addition Quashed: ITAT Deletes Section 68 Addition for Denial of Cross-Examination The Delhi ITAT partly allowed the assessee’s appeal by upholding the validity of reopening under Section 147 but deleting the substantive addition of ₹8.35 crore made under Section 68 on account of alleged accommodation entry loans. The Tribunal held that although reassessment proceedings initiated on the basis of search-related information and investigation inputs were legally valid, the addition could not survive on mer...