https://www.taxtmi.com/caselaws?id=450870 ITAT Chennai remanded multiple issues to AO for re-examination including unexplained loans to M/s. Kangaroo Impex and related interest income due to contradictory facts regarding payment mode. Investment in M/s. Mars Exports and Karur Vysya Bank repayment issues were also remanded for verification with seized documents. Several unaccounted cash loans to various individuals totaling approximately Rs. 6.36 crores were upheld as additions due to assessee's failure to explain sources. Protective addition for money swindled by ex-employee was deleted as substantive addition already made in company's hands. Difference between original and 153A return income was sustained. Unaccounted sales issue was remanded for further verification to determine real beneficiary. en-us Wed, 27 Sep 2023 00:00:00 +0530 Fri, 15 Mar 2024 07:53:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450870 ITAT Chennai remanded multiple issues to AO for re-examination including unexplained loans to M/s. Kangaroo Impex and related interest income due to contradictory facts regarding payment mode. Investment in M/s. Mars Exports and Karur Vysya Bank repayment issues were also remanded for verification with seized documents. Several unaccounted cash loans to various individuals totaling approximately Rs. 6.36 crores were upheld as additions due to assessee's failure to explain sources. Protective addition for money swindled by ex-employee was deleted as substantive addition already made in company's hands. Difference between original and 153A return income was sustained. Unaccounted sales issue was remanded for further verification to determine real beneficiary. Case-Laws Income Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450870