https://www.taxtmi.com/caselaws?id=753851 The ITAT Jaipur allowed the assessee's appeal and deleted the addition of Rs. 18,01,000 made by the AO regarding unexplained loan advances. The assessee, engaged in safety deposit and vault services, had advanced money to its director which was later refunded through account payee cheques. The assessee provided PAN details and confirmations from recipients, fulfilling the burden of proof. The ITAT held that without issuing summons under section 131 to parties who filed confirmations, no adverse inference could be drawn by the AO, citing Orissa Corporation Pvt. Ltd. precedent. en-us Thu, 18 Jan 2024 00:00:00 +0530 Tue, 11 Jun 2024 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753851 The ITAT Jaipur allowed the assessee's appeal and deleted the addition of Rs. 18,01,000 made by the AO regarding unexplained loan advances. The assessee, engaged in safety deposit and vault services, had advanced money to its director which was later refunded through account payee cheques. The assessee provided PAN details and confirmations from recipients, fulfilling the burden of proof. The ITAT held that without issuing summons under section 131 to parties who filed confirmations, no adverse inference could be drawn by the AO, citing Orissa Corporation Pvt. Ltd. precedent. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753851