https://www.taxtmi.com/caselaws?id=752803 The ITAT Ahmedabad held that the AO's rectification order u/s 154 substituting addition u/s 269SS with 69A regarding unsecured loans was improper. The AO failed to confront the assessee regarding applicability of section 69A and made the rectification without examining evidence of loan credibility, source of funds, or identity verification of parties. Basic documents like PAN, voter card, Form 16, and Aadhaar were insufficient for the addition. The matter was remanded to AO for proper verification following natural justice principles. The appeal was partly allowed for statistical purposes. en-us Wed, 15 May 2024 00:00:00 +0530 Sat, 18 May 2024 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752803 The ITAT Ahmedabad held that the AO's rectification order u/s 154 substituting addition u/s 269SS with 69A regarding unsecured loans was improper. The AO failed to confront the assessee regarding applicability of section 69A and made the rectification without examining evidence of loan credibility, source of funds, or identity verification of parties. Basic documents like PAN, voter card, Form 16, and Aadhaar were insufficient for the addition. The matter was remanded to AO for proper verification following natural justice principles. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Wed, 15 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752803