https://www.taxtmi.com/caselaws?id=775287 The ITAT Kolkata held that additions under sections 68 and 69C for unexplained loans, bogus commission, and interest payments were unsustainable as the assessee had repaid the loans in a subsequent year, which the department accepted without objection. The tribunal relied on precedent affirming that once loan repayment is accepted as genuine, additions for the year of receipt cannot be made. Further, the AO's reopening of the assessment under section 153A beyond six years was invalid since the required conditions under the fourth proviso were not met, including absence of any seized documents or evidence of escaped income exceeding the prescribed threshold. Statements relied upon by the AO were neither recorded during the search nor furnished to the assessee. Consequently, the AO's order was quashed and the assessee's appeal was allowed. en-us Tue, 22 Apr 2025 00:00:00 +0530 Wed, 23 Jul 2025 08:29:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775287 The ITAT Kolkata held that additions under sections 68 and 69C for unexplained loans, bogus commission, and interest payments were unsustainable as the assessee had repaid the loans in a subsequent year, which the department accepted without objection. The tribunal relied on precedent affirming that once loan repayment is accepted as genuine, additions for the year of receipt cannot be made. Further, the AO's reopening of the assessment under section 153A beyond six years was invalid since the required conditions under the fourth proviso were not met, including absence of any seized documents or evidence of escaped income exceeding the prescribed threshold. Statements relied upon by the AO were neither recorded during the search nor furnished to the assessee. Consequently, the AO's order was quashed and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775287