ITAT remanded matter for verification of submitted documents in case of unsecured loans without PAN

ACIT Vs Jayantilal Babulal Shah (ITAT Ahmedabad) Conclusion: Additions of unsecured loans were sustained where creditworthiness was not proved, and relief upheld only for creditors who responded to notices under section 133(6) or furnished adequate documentation. Held: Assessee’s case was reopened under section 148, where AO noticed unsecured loans aggregating to ₹14.94 crore from 164 creditors. On verification, AO found that in several cases, assessee failed to furnish even basic details such as PAN, ITRs, or bank statements, while in others, the creditors had declared meagre income dispr...