ITAT Mumbai Deletes ₹14.5 Crore Loan Additions After Assessee Submits PAN, Bank & ITR Details

Mohit Bharatiya Vs DCIT (ITAT Mumbai)

ITAT Mumbai Deletes Entire ₹14.5 Cr Loan Additions -Revenue Loses in Section 68 Dispute- Once Assessee Provides PAN, Bank & ITR of Lenders, Onus Shifts to Revenue

The case involved cross appeals – the assessee challenging additions sustained, & the Revenue challenging relief granted by CIT(A), in respect of various unsecured loans assessed u/s 68.

AO had reopened assessment based on suspicious transaction reports from Saraswat Bank, & made additions aggregating ₹14.51 crore on account of loans/credits from six pa

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