ITAT Delhi remands ₹16.10 Cr unsecured – loan issue for verification; consequential interest disallowance also to be re-examined – CIT(A) erred in bypassing remand report

ACIT Vs Nitin Garg (ITAT Delhi)

These two Revenue appeals, involving common issues, arose from CIT(A)’s orders dated 28.02.2019 relating to additions u/s 68 & corresponding interest disallowances in the case of Shri Nitin Garg, proprietor of Vishnu Tobacco Products.

For A.Y. 2014-15, AO noticed unsecured loans of ₹ 16.10 Cr from M/s Green Stone Agro Products & Infra Pvt. Ltd.. Despite repeated opportunities, AO held that Assessee failed to produce lender details, bank statements, or confirmation. He therefore treated the amount as unexplained cash credit u/s 68 &

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