https://www.taxtmi.com/caselaws?id=68428 The ITAT partially allowed the appeal for the assessment year 1990-91. It deleted the addition of Rs. 50,000 as unexplained cash credit, finding the loan genuine. Additions under Section 40A(3) for cash payments were also deleted, recognizing exceptional circumstances. The addition for excess stock was removed due to unjustified calculations. Disallowances on expenses were upheld as reasonable. Interest charges were deemed consequential, with directions for appropriate relief. en-us Wed, 19 May 2004 00:00:00 +0530 Tue, 09 Jul 2024 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68428 The ITAT partially allowed the appeal for the assessment year 1990-91. It deleted the addition of Rs. 50,000 as unexplained cash credit, finding the loan genuine. Additions under Section 40A(3) for cash payments were also deleted, recognizing exceptional circumstances. The addition for excess stock was removed due to unjustified calculations. Disallowances on expenses were upheld as reasonable. Interest charges were deemed consequential, with directions for appropriate relief. Case-Laws Income Tax Wed, 19 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68428