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 c

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