https://www.taxtmi.com/caselaws?id=752687 ITAT Amritsar remanded the case to AO for fresh examination of unsecured loan addition under section 68. The tribunal found that creditworthiness of loan lender was not conclusively proved, and full enquiry could not be conducted due to absence of documentary evidence. Since major portion of loan remained unpaid after seven years, tribunal concluded assessee should still be able to obtain lender's cooperation to establish financial capacity through tax returns, bank statements, and other relevant documents. Following jurisdictional HC precedents, tribunal set aside the matter to AO for re-examination while ensuring reasonable opportunity for assessee to present supporting evidence. Appeal allowed for statistical purposes. en-us Thu, 09 May 2024 00:00:00 +0530 Thu, 16 May 2024 07:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752687 ITAT Amritsar remanded the case to AO for fresh examination of unsecured loan addition under section 68. The tribunal found that creditworthiness of loan lender was not conclusively proved, and full enquiry could not be conducted due to absence of documentary evidence. Since major portion of loan remained unpaid after seven years, tribunal concluded assessee should still be able to obtain lender's cooperation to establish financial capacity through tax returns, bank statements, and other relevant documents. Following jurisdictional HC precedents, tribunal set aside the matter to AO for re-examination while ensuring reasonable opportunity for assessee to present supporting evidence. Appeal allowed for statistical purposes. Case-Laws Income Tax Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752687