ITAT Mumbai Restores Unsecured Loan addition Case, Cites Denial of Justice

Gheverchand Rikhabchand Jain Vs ACIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has strongly criticized the National Faceless Appeal Centre (NFAC) – Commissioner of Income Tax (Appeals) [CIT(A)] for denying natural justice to assessee Gheverchand Rikhabchand Jain. The Tribunal has set aside the CIT(A)’s order dated November 26, 2024, for Assessment Year (AY) 2014-15 and restored the entire case, involving a significant addition of unsecured loans and disallowance of interest, back to the Assessing Officer (AO) for a fresh hearing. Background of the Case Gheve...