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ITAT Allows Fresh Evidence on Unsecured Loans, Remands Assessment
Case Law Details
- Case Name
- Water Works Engineering Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Chennai
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Water Works Engineering Vs ITO (ITAT Chennai)
Unsecured Loans & Advances- Absence of Confirmation Not Fatal – ITAT Remands Matter for Fresh Verification; ITAT Chennai: Natural Justice Requires Consideration of New Evidence in Loan Dispute
Assessee, Water Works Engineering, had taken unsecured loans of ₹18.15 lakh & also received advance of ₹90.41 lakh from M/s SRM Enterprises during AY 2018-19. In the absence of confirmations & supporting documents, AO added both amounts as income, treating them as unexplained u/s 68. CIT(A) upheld the additions, holding that the ledger prin...
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