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The ITAT held that the addition of unsecured loan as unexplained income under section 69A read with section 115BBE was not sustainable without proper examination of relevant evidence. The Tribunal noted that additional evidence submitted by the assessee, including an MOU and an affidavit, was not considered by the AO, who relied solely on seized documents. Since the additional evidence could not have been filed earlier as it arose post the lower authorities' orders, the ITAT allowed the assessee's appeal for statistical purposes and remanded the matter to the AO for fresh adjudication after considering all relevant evidence, including the affidavit of Sumitradevi Chaudhary.
The ITAT held that the addition of unsecured loan as unexplained income under section 69A read with section 115BBE was not sustainable without proper examination of relevant evidence. The Tribunal noted that additional evidence submitted by the assessee, including an MOU and an affidavit, was not considered by the AO, who relied solely on seized documents. Since the additional evidence could not have been filed earlier as it arose post the lower authorities' orders, the ITAT allowed the assessee's appeal for statistical purposes and remanded the matter to the AO for fresh adjudication after considering all relevant evidence, including the affidavit of Sumitradevi Chaudhary.
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