https://www.taxtmi.com/caselaws?id=761291 Gujarat HC ruled in favor of the assessee in a Section 68 addition case concerning unsecured loans. The petitioner had submitted comprehensive documentation including ledger accounts, depositor confirmations with PAN numbers, bank statements, ITR copies, and depositor bank statements during assessment proceedings. The Assessing Officer failed to consider these documents and made vague observations without proper reference to submitted evidence. Despite the court's general reluctance to exercise extraordinary jurisdiction under Article 227 when alternative remedies exist, the HC intervened due to the AO's failure to properly examine the documentary evidence, finding the assessment order legally untenable. en-us Mon, 28 Oct 2024 00:00:00 +0530 Thu, 07 Nov 2024 08:52:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761291 Gujarat HC ruled in favor of the assessee in a Section 68 addition case concerning unsecured loans. The petitioner had submitted comprehensive documentation including ledger accounts, depositor confirmations with PAN numbers, bank statements, ITR copies, and depositor bank statements during assessment proceedings. The Assessing Officer failed to consider these documents and made vague observations without proper reference to submitted evidence. Despite the court's general reluctance to exercise extraordinary jurisdiction under Article 227 when alternative remedies exist, the HC intervened due to the AO's failure to properly examine the documentary evidence, finding the assessment order legally untenable. Case-Laws Income Tax Mon, 28 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761291