Section 68 Addition Unsustainable as AO Relied Solely on Third-Party Statement Without Inquiry

ITO Vs Leena Haresh Harde (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai Bench has ruled in favor of individual assessee Leena Haresh Harde, deleting an addition of ₹3,67,00,000 made under Section 68 of the Income Tax Act, 1961, which pertained to unsecured loans. The tribunal’s decision, issued on August 8, 2017, for the Assessment Year 2013-14, upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)]. The Dispute: Genuineness of Unsecured Loans The case originated from the reopening of Ms. Harde’s assessment based on information from the Pr.DIT(Inv.)-I, ...