https://www.taxtmi.com/caselaws?id=757100 ITAT Mumbai allowed the assessee's appeal regarding Section 68 addition of Rs. 1.80 crores received from UAE party in HSBC account. The assessee failed to establish identity, creditworthiness, and genuineness of the loan to AO's satisfaction during reassessment proceedings. However, CIT(A) passed appellate order without considering assessee's submissions, written statements, and judicial pronouncements. ITAT held CIT(A)'s non-consideration of submissions rendered the order unsustainable in law. Matter remanded to CIT(A) to consider all submissions, grant hearing opportunities, and decide on reassessment legalities and addition merits. en-us Wed, 31 Jan 2024 00:00:00 +0530 Fri, 16 Aug 2024 08:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757100 ITAT Mumbai allowed the assessee's appeal regarding Section 68 addition of Rs. 1.80 crores received from UAE party in HSBC account. The assessee failed to establish identity, creditworthiness, and genuineness of the loan to AO's satisfaction during reassessment proceedings. However, CIT(A) passed appellate order without considering assessee's submissions, written statements, and judicial pronouncements. ITAT held CIT(A)'s non-consideration of submissions rendered the order unsustainable in law. Matter remanded to CIT(A) to consider all submissions, grant hearing opportunities, and decide on reassessment legalities and addition merits. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757100