No section 68 Addition if AO fails to properly verify details available with him

PCIT Vs Vishal Plastomers (P) Ltd. (Gujarat High Court) The issue under consideration is whether the Tribunal is correct in upholding the decision of CIT(A) for deleting the addition made under section 68 of the Act? High Court states that Assessing Officer failed to consider that the loan was accepted through banking channel only and the details which was given by the authorized signatory of the Director were also not verified vis-a-vis records available with him in its proper perspective. The said lacuna has rightly been pointed out by the Ld. CIT(A) and deleted the addition accordingly. HC ...