ITAT Directs Fresh Adjudication on Rs. 17.2 Crore Unsecured Loans Addition

Jignesh Shah Vs ACIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad addressed an appeal filed by Jignesh Shah against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], which had upheld additions made by the Assessing Officer (AO) under Sections 69A and 69C of the Income Tax Act for Assessment Year 2022-23. The AO had added significant amounts to the assessee’s income, including unexplained cash deposits, credit card payments, and unsecured loans. The assessee argued that the AO and CIT(A) failed to provide a fair opportunity for hearing and did not prop...