ITAT deletes addition of unsecured loans made for non-filing of ITR of lenders

ACIT Vs Anand Jayantilal Kharbhari (ITAT Surat) We note that addition of unsecured loans of four parties totaling to Rs.3,65,00,000/- was made by the assessing officer only for want of Income Tax Returns. The assessing officer had mentioned in the assessment order about the confirmation and other details filed but because scrutiny selection through CASS was based on non-filing of Income Tax Returns by some lenders and the assessee did not file the same during assessment, therefore these loans were treated as unexplained. However, this lacunae was also cured by the assessee by filing copies Inc...