Loan Amount not disclosed in Balance Sheet cannot be taxed

Advertisement Sati Nath Chatterjee Vs ITO (ITAT Kolkata) It is noted that the AO while going through the personal loan account of the assessee with Vijaya Bank, Kharagpur Branch supra has observed that the assessee had paid interest to the tune of Rs. 48,831/- during the relevant assessment year and the closing balance stands at Rs. 2,33,950/-. So the source of the loan has to be from Vijaya Bank since it is a finding recorded by the AO and not disturbed by the Ld. CIT(A). During the first appellate proceeding, the assessee has explained before the Ld. CIT(A) that he has taken the loan of R...