ITAT Admits New Evidence, Sends Rs. 90 Lakh Addition Back to AO

Parasnath Fuels Pvt. Ltd. Vs DCIT (ITAT Dehradun) Rule 29 Rescues Assessee- Loans Need Fresh Look: ITAT Admits New Evidence, Sends Rs.90 Lakh Addition Back to AO Assessee appealed against NFAC order dated 08.10.2024 sustaining addition of Rs.90,00,000/- u/s 68 r.w.s 115BBE towards unsecured loans from M/s Yogya Shippings Pvt. Ltd. (Rs.50 lakh) & M/s Rajusha Textiles Pvt. Ltd. (Rs.40 lakh). During assessment u/s 147, AO noted that though Assessee filed loan confirmations, bank statements & lenders’ ITR acknowledgements, financial statements of lenders were not filed. AO treated loans ...