https://www.taxtmi.com/highlights?id=68644 Addition u/s 68 - Loans unexplained - the tax authorities are not justified in placing reliance on the statement given by the director in a third party proceeding without confronting the same with the assessee. On the contrary, the fact remains that both the above said companies have duly responded to the AO during the course of current assessment proceedings by furnishing replies to the notices issued u/s 133(6) of the Act and the summons issued u/s 131 - Additions deleted - AT en-us Thu, 09 Mar 2023 08:38:07 +0530 Thu, 09 Mar 2023 08:38:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=68644 Addition u/s 68 - Loans unexplained - the tax authorities are not justified in placing reliance on the statement given by the director in a third party proceeding without confronting the same with the assessee. On the contrary, the fact remains that both the above said companies have duly responded to the AO during the course of current assessment proceedings by furnishing replies to the notices issued u/s 133(6) of the Act and the summons issued u/s 131 - Additions deleted - AT Highlights Income Tax Thu, 09 Mar 2023 08:38:07 +0530 https://www.taxtmi.com/highlights?id=68644