Loan Confirmations Alone cannot Prove Creditworthiness of Creditors: ITAT Mumbai

Baby Naz Shoukat Shaikh Vs National Faceless Assessment Centre (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, partly allowed the assessee’s appeal concerning an addition of ₹75 lakh under Section 68 of the Income Tax Act, 1961 for Assessment Year 2013-14. At the outset, the Tribunal condoned a delay of 447 days in filing the appeal. The assessee explained that the appellate order had been communicated to the email address of an ex-employee instead of the registered email address, resulting in lack of knowledge of the order. The Tribunal accepted the explanation as a reason...