Commissioner of Income Tax (Appeals) Deletes Additions of Unexplained Loans and Cash Credits; No Inquiry by Assessing Officer.

Addition of unexplained/unsecured loans/cash credit - All the transactions have passed through the eyes of the auditor who has issued tax audit report u/s 44AB of the Act mentioning about the loans taken and repaid during the year. There is no evidence on record to shows that any enquiry was initiated by the assessing officer on the basis of PAN No. and other details. - CIT(A) rightly deleted the additions. .....

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