https://www.taxtmi.com/caselaws?id=459203 The ITAT Mumbai allowed the assessee's appeal against addition of loans treated as bogus cash credits. The AO made additions solely based on information from Investigation wing regarding search at another party's premises without conducting independent enquiry. Despite assessee providing loan confirmations and bank statements for transactions through banking channels, the AO failed to issue notices to concerned parties or gather cogent evidence. The ITAT held that AO cannot make additions without proper enquiry when loans are from identifiable corporate entities through proper banking channels, and assessee was denied opportunity to controvert relied statements. en-us Thu, 18 Nov 2021 00:00:00 +0530 Wed, 04 Dec 2024 21:50:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459203 The ITAT Mumbai allowed the assessee's appeal against addition of loans treated as bogus cash credits. The AO made additions solely based on information from Investigation wing regarding search at another party's premises without conducting independent enquiry. Despite assessee providing loan confirmations and bank statements for transactions through banking channels, the AO failed to issue notices to concerned parties or gather cogent evidence. The ITAT held that AO cannot make additions without proper enquiry when loans are from identifiable corporate entities through proper banking channels, and assessee was denied opportunity to controvert relied statements. Case-Laws Income Tax Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459203