Failure to Prove Loan Credibility: ITAT Remands Case to AO for Fresh Adjudication [Read Order]
The tribunal emphasized the need for a fresh examination of the case, ensuring that the assessee would have a fair opportunity to present all necessary details for reassessment.
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) remanded the case back to the Assessing Officer ( AO ) due to the assessee’s failure to prove the credibility of a loan amounting to Rs. 3.00 crores. Vallabh Pesticides Limited,the appellant-assessee,was a closely held company engaged in manufacturing pesticides and insecticides. The company…
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