https://www.taxtmi.com/caselaws?id=404294 The tribunal partially allowed the appeal, directing a fresh assessment considering additional evidence and ensuring compliance with principles of natural justice. The appellant's arguments regarding the addition of unsecured loans under section 68 of the Income Tax Act were accepted, leading to the exclusion of the amount as unexplained credit. The challenge against the rejection of additional evidence was upheld, requiring reconsideration with the admitted evidence. The disallowance under section 43B for 'other current liabilities' was found legally flawed, necessitating reassessment. Concerns about compliance with natural justice principles in assessment proceedings were acknowledged, emphasizing the need for a fair defense opportunity. en-us Mon, 08 Feb 2021 00:00:00 +0530 Sat, 20 Feb 2021 09:07:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404294 The tribunal partially allowed the appeal, directing a fresh assessment considering additional evidence and ensuring compliance with principles of natural justice. The appellant's arguments regarding the addition of unsecured loans under section 68 of the Income Tax Act were accepted, leading to the exclusion of the amount as unexplained credit. The challenge against the rejection of additional evidence was upheld, requiring reconsideration with the admitted evidence. The disallowance under section 43B for 'other current liabilities' was found legally flawed, necessitating reassessment. Concerns about compliance with natural justice principles in assessment proceedings were acknowledged, emphasizing the need for a fair defense opportunity. Case-Laws Income Tax Mon, 08 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404294