ITAT Clarifies Pre-2023 Loan Rules, u/s 68 & 40(a)(ia), Major Additions Deleted

Anbu Educational Trust Vs ITO (ITAT Chennai) Source-of-Source Cannot Be Examined Prior to 01-04-2023—Unsecured Loans & Student Caution Deposits Held Genuine; Additions Deleted, Except TDS Issue Remanded  The Assessee, an educational trust, filed return declaring ₹6,82,010 for AY 2013-14. Due to repeated non-compliance, the AO passed an ex-parte assessment, making additions of ₹4,11,30,000 towards alleged unproven credits, ₹10,90,366 u/s 40(a)(ia), and treating security caution deposits collected from students as unexplained. The AO also denied exemption u/s 11. Before the CIT(A), ...