https://www.taxtmi.com/caselaws?id=71067 The Appellate Tribunal ITAT Patna ruled in favor of the assessee in a case concerning the disallowance of interest claimed on loans borrowed by the assessee firm. The Tribunal upheld the genuineness of the loans and their utilization for business purposes, emphasizing that the loans accepted as genuine in a prior year could not be deemed ingenuine in subsequent years without evidence suggesting otherwise. The Tribunal dismissed the department's appeals and allowed the assessee's cross objections, affirming the AAC's findings and overturning the ITO's disallowance of the interest claimed. en-us Mon, 31 Aug 1981 00:00:00 +0530 Thu, 21 Apr 2011 11:46:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71067 The Appellate Tribunal ITAT Patna ruled in favor of the assessee in a case concerning the disallowance of interest claimed on loans borrowed by the assessee firm. The Tribunal upheld the genuineness of the loans and their utilization for business purposes, emphasizing that the loans accepted as genuine in a prior year could not be deemed ingenuine in subsequent years without evidence suggesting otherwise. The Tribunal dismissed the department's appeals and allowed the assessee's cross objections, affirming the AAC's findings and overturning the ITO's disallowance of the interest claimed. Case-Laws Income Tax Mon, 31 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71067