Crucial Rule 46A evidence can’t be ignored: ITAT Agra remands section 68 addition

Om Parkash Banwani Vs ACIT (ITAT Agra)  The Agra Bench of the ITAT set aside the order of the CIT(A), NFAC and restored the appeal for de novo adjudication, holding that crucial additional evidence filed under Rule 46A cannot be brushed aside. The Assessee, engaged in manufacturing hulled sesame seeds, had received unsecured loans aggregating to ₹50.20 lakh from multiple parties. The AO treated the loans as bogus u/s 68, alleging failure to establish identity, creditworthiness and genuineness. Before the CIT(A), the Assessee filed a proper Rule 46A application along with confirmations, For...