ITAT Allows Fresh Evidence on Unsecured Loans, Remands Assessment

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...