https://www.taxtmi.com/caselaws?id=765416 The ITAT Cuttack dismissed the assessee's challenge to the AO's jurisdiction in examining unsecured loans during limited scrutiny assessment. The tribunal held that when an assessee fails to disclose share transaction investments and their sources in the return, the AO has jurisdiction to examine all related aspects including loan creditors' genuineness and creditworthiness. However, the tribunal partially allowed the appeal regarding loan additions, finding that while the assessee submitted affidavits and documents, insufficient evidence was provided to establish creditors' creditworthiness. The matter was remanded to the AO for proper verification of loan credits and issuing necessary summons to loan creditors for thorough examination. en-us Tue, 28 Jan 2025 00:00:00 +0530 Fri, 31 Jan 2025 07:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765416 The ITAT Cuttack dismissed the assessee's challenge to the AO's jurisdiction in examining unsecured loans during limited scrutiny assessment. The tribunal held that when an assessee fails to disclose share transaction investments and their sources in the return, the AO has jurisdiction to examine all related aspects including loan creditors' genuineness and creditworthiness. However, the tribunal partially allowed the appeal regarding loan additions, finding that while the assessee submitted affidavits and documents, insufficient evidence was provided to establish creditors' creditworthiness. The matter was remanded to the AO for proper verification of loan credits and issuing necessary summons to loan creditors for thorough examination. Case-Laws Income Tax Tue, 28 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765416