https://www.taxtmi.com/caselaws?id=764439 ITAT Jabalpur allowed the appeal, deleting the addition made u/s 68 for unexplained unsecured loans. The tribunal held that the AO exceeded jurisdiction by investigating security deposits from sub-contractors without obtaining written permission from PCIT, as required under CBDT guidelines for matters outside limited scrutiny parameters. The security deposits were legitimately collected from sub-contractors executing projects, supported by TDS deductions on payments made to them, and subsequently deposited with government departments, making the addition unsustainable. en-us Wed, 08 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 08:57:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764439 ITAT Jabalpur allowed the appeal, deleting the addition made u/s 68 for unexplained unsecured loans. The tribunal held that the AO exceeded jurisdiction by investigating security deposits from sub-contractors without obtaining written permission from PCIT, as required under CBDT guidelines for matters outside limited scrutiny parameters. The security deposits were legitimately collected from sub-contractors executing projects, supported by TDS deductions on payments made to them, and subsequently deposited with government departments, making the addition unsustainable. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764439