https://www.taxtmi.com/caselaws?id=118051 The Tribunal ruled in favor of the assessee, holding that the loans were genuine, the creditors' identity and creditworthiness were proven, and there was no basis for treating the loans as unexplained credit under section 68 of the Income Tax Act. Consequently, both the addition of unexplained credit and the disallowance of interest paid were deleted, resulting in the allowance of the assessee's appeal. en-us Wed, 28 Apr 2004 00:00:00 +0530 Thu, 28 Jun 2012 11:34:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118051 The Tribunal ruled in favor of the assessee, holding that the loans were genuine, the creditors' identity and creditworthiness were proven, and there was no basis for treating the loans as unexplained credit under section 68 of the Income Tax Act. Consequently, both the addition of unexplained credit and the disallowance of interest paid were deleted, resulting in the allowance of the assessee's appeal. Case-Laws Income Tax Wed, 28 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118051