https://www.taxtmi.com/caselaws?id=781923 ITAT (Mumbai) held that the AO's reliance on a third-party statement to treat unsecured loans as bogus, without granting the assessee an opportunity to cross-examine that party, violated principles of natural justice. The retraction affidavit filed by the third party could not justify denial of cross-examination, especially when the original statement was a key basis for the additions. Following SC precedent, the ITAT set aside the reassessment order and remanded the matter to the AO for de novo adjudication after granting effective cross-examination. Assessee's appeal was allowed for statistical purposes. en-us Fri, 17 Oct 2025 00:00:00 +0530 Sat, 22 Nov 2025 07:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781923 ITAT (Mumbai) held that the AO's reliance on a third-party statement to treat unsecured loans as bogus, without granting the assessee an opportunity to cross-examine that party, violated principles of natural justice. The retraction affidavit filed by the third party could not justify denial of cross-examination, especially when the original statement was a key basis for the additions. Following SC precedent, the ITAT set aside the reassessment order and remanded the matter to the AO for de novo adjudication after granting effective cross-examination. Assessee's appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 17 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781923