https://www.taxtmi.com/caselaws?id=67119 The ITAT ruled in favor of the assessee, directing for the deletion of disallowances under section 40A(3) and addition under section 68 for loans taken from various parties. Additionally, the ITAT annulled the assessment conducted under section 143(3) due to the Assessing Officer's failure to obtain prior approval, emphasizing the importance of procedural compliance and thorough evaluation of evidence in tax assessments. The departmental appeals were dismissed, and the assessee's appeal was allowed, highlighting the significance of jurisdictional adherence for fairness and legality in the assessment process. en-us Sun, 24 Nov 1991 00:00:00 +0530 Wed, 09 Mar 2011 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67119 The ITAT ruled in favor of the assessee, directing for the deletion of disallowances under section 40A(3) and addition under section 68 for loans taken from various parties. Additionally, the ITAT annulled the assessment conducted under section 143(3) due to the Assessing Officer's failure to obtain prior approval, emphasizing the importance of procedural compliance and thorough evaluation of evidence in tax assessments. The departmental appeals were dismissed, and the assessee's appeal was allowed, highlighting the significance of jurisdictional adherence for fairness and legality in the assessment process. Case-Laws Income Tax Sun, 24 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67119