Approvals under s.153D found mechanical and invalid; s.153A/s.153D assessments quashed; s.68 additions deleted where books rejected and s.144 best-jud...
ITAT allowed the appeal and deleted additions made u/s 68 treating unsecured loans as unexplained cash credits. The Tribunal held that the assessee discharged the evidentiary onus by furnishing identity and creditworthiness documents (PAN/Aadhaar, loan confirmations, bank statements, ITRs and land records) and evidence of repayments, and that the AO proceeded with a pre-determined mind without invoking statutory powers of enquiry u/s 131 or s.133(6). Having failed to make independent enquiries or assess the alleged creditors, the AO could not sustain the additions; the burden shifted to the Revenue and no further proof justified invoking s.68, hence the addition was deleted.
ITAT allowed the appeal and deleted additions made u/s 68 treating unsecured loans as unexplained cash credits. The Tribunal held that the assessee discharged the evidentiary onus by furnishing identity and creditworthiness documents (PAN/Aadhaar, loan confirmations, bank statements, ITRs and land records) and evidence of repayments, and that the AO proceeded with a pre-determined mind without invoking statutory powers of enquiry u/s 131 or s.133(6). Having failed to make independent enquiries or assess the alleged creditors, the AO could not sustain the additions; the burden shifted to the Revenue and no further proof justified invoking s.68, hence the addition was deleted.
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