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No sec. 68 additions if letter of confirmation of loan amount from various parties wasn't considered by AO

July 17, 2019[2019] 108 170 (Karnataka)/[2019] 265 Taxman 446 (Karnataka)

INCOME TAX: Where Assessing Officer made additions under section 68 on account of loans received by assessee from several parties treating same to be bogus, in view of fact that documents furnished by assessee by way of letter of confirmation issued by said parties to establish genuineness of loans received by assessee were not considered by Assessing Officer, impugned additions were unjustified and matter was to be remanded
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