section 68

[satbir singhwahi]

the a.o. has added unsecured loans u/s 68 , as addresses of lenders was not given, though confirmed copy of account with PAN was filed .whether this action A.o.is correct. Whether one can appeal , as assessee has discharged onus by filing confirmation.And A.O. has not intiated action u/s 131.

AI Summary

Appeal Possible for Unsecured Loan Addition Under Section 68 Due to Lack of Lender Addresses Despite PAN Submission. An individual raised a query regarding the addition of unsecured loans under Section 68 of the Income Tax Act, as the addresses of lenders were not provided, despite submitting a confirmed account copy with PAN. The issue was whether the Assessing Officer's (AO) action was correct and if an appeal could be filed. A Chartered Accountant advised that while PAN confirms identity, addresses are necessary for AO verification. The individual can appeal to the Commissioner of Income Tax (Appeals) under Section 246A within 30 days of receiving the order.