Ex-parte Section 68 Additions of ₹3.07 Cr Set Aside: ITAT Permits Additional Evidence

Matrix Automotive Vs ITO (ITAT Mumbai) Accountant & AR Exit – Reasonable Cause Accepted; Ex-parte Additions for Unsecured Loan & Partner’s Capital Set Aside- Rule 46A Relief: ITAT Restores Case as Evidence Rejected by NFAC Without Sufficient Cause Assessee, a partnership firm engaged in Yamaha two-wheeler dealership, filed its return declaring a loss of ₹51.45 lakh. The case was selected for limited scrutiny to verify (i) large increase in unsecured loans &  (ii) loans from non-filers. During assessment, AO sought details of ₹3 crore unsecured loans (from Shri Rushi C. Ma...