Ignored Evidence and Incorrect Loan Amount: ITAT Quashes ₹74 Lakh Unexplained Investment Addition

The Mumbai ITAT quashed an addition of ₹74 lakh made as unexplained investment under Section 69, finding that the Assessing Officer failed to consider key documentary evidence, including loan sanction letters and ownership timelines. The AO completed the assessment ex-parte and incorrectly assumed the properties were purchased recently rather than pledged for a loan. The Tribunal remitted the matter back to the AO for fresh adjudication, instructing review of all documents submitted and ensuring fair hearing principles are followed.