Section 68 Additions: Favourable Remand Report Shields Assessee

ACIT Vs Prenit World LLP (ITAT Delhi) The case arose from reassessment proceedings where the Revenue challenged deletion of additions under section 68 relating to unsecured loans. The issue before the Tribunal was whether the loans reflected unexplained cash credits, given doubts about genuineness and creditworthiness. The assessee had furnished confirmations, and lenders duly responded to notices under section 133(6). Crucially, the Assessing Officer’s remand report acknowledged these facts without adverse remarks. Relying on this, the Tribunal held that once the AO himself submitted a favo...