https://www.taxtmi.com/caselaws?id=63311 The Revenue appealed against the deletion of an addition under section 68 of the Income Tax Act for unsecured loans. The CIT(A) had deleted the addition citing contravention of IT Rules. The AO had invoked section 68 due to lack of confirmations for certain loans. The CIT(A) admitted additional evidence and deleted the addition, finding the loans genuine. However, the Tribunal found the CIT(A) unjustified in deleting the addition without addressing key aspects of the loans and remanded the matter for reassessment with clear findings on loan creditors' identity and creditworthiness. The Revenue's appeal was allowed for statistical purposes, and the case was to be reconsidered by the CIT(A). en-us Fri, 22 Sep 2006 00:00:00 +0530 Sat, 14 Jul 2012 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63311 The Revenue appealed against the deletion of an addition under section 68 of the Income Tax Act for unsecured loans. The CIT(A) had deleted the addition citing contravention of IT Rules. The AO had invoked section 68 due to lack of confirmations for certain loans. The CIT(A) admitted additional evidence and deleted the addition, finding the loans genuine. However, the Tribunal found the CIT(A) unjustified in deleting the addition without addressing key aspects of the loans and remanded the matter for reassessment with clear findings on loan creditors' identity and creditworthiness. The Revenue's appeal was allowed for statistical purposes, and the case was to be reconsidered by the CIT(A). Case-Laws Income Tax Fri, 22 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63311