Taxpayer Wins Major Victory: ITAT Strikes Down Income Additions, Validates Loan and Transfer Documentation Under Section 68

ITAT Order Summary: The ITAT partially allowed the assessee's appeal, directing deletion of several additions and modifications to income calculations. Key outcomes include: (1) commission income restricted to Rs. 7,595 at 0.15% rate, (2) unsecured loan addition under Section 68 deleted based on supporting documentation, (3) surrendered income allowed at normal tax rates, (4) notice under Section 148 quashed due to invalid approval, and (5) bank account credit from share transfer recognized as explained income. The Tribunal found insufficient evidence by the AO to substantiate unexplained income claims and systematically set aside most additions, providing relief to the assessee across multiple contested income components. .....

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