ITAT Sets Aside Additions, Asks AO to Re-examine Rs.2.5 Cr Loans & Rs.1.66 Cr Property Advances

The Income Tax Appellate Tribunal (ITAT) has remanded a case back to the Assessing Officer (AO) for fresh examination of unexplained loans worth Rs. 2.5 crore and property advances of Rs. 1.66 crore. The Tribunal found discrepancies in the AO’s assessment process and emphasized the need for a detailed verification of the documentary evidence submitted by the assessee. The order reinforces the principle that additions cannot be sustained without proper inquiry and substantiated findings, offering relief to the taxpayer while maintaining procedural integrity.