https://www.taxtmi.com/caselaws?id=207095 The Revenue's appeal, seeking the addition of Rs. 39,50,000/- as undisclosed income and the disallowance of interest of Rs. 18,90,411/- on borrowed funds, was dismissed. The Commissioner of Income Tax (Appeals) and the Tribunal both ruled in favor of the assessee, highlighting the lack of concrete evidence provided by the Assessing Officer to support the additions. The CIT(A) emphasized the proper recording of transactions and commercial expediency in the utilization of funds, ultimately leading to the dismissal of the Revenue's appeals. The Tribunal directed a reassessment under section 14A for the Rs. 50,00,000/- advance. en-us Tue, 06 Sep 2011 00:00:00 +0530 Wed, 16 Nov 2011 07:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207095 The Revenue's appeal, seeking the addition of Rs. 39,50,000/- as undisclosed income and the disallowance of interest of Rs. 18,90,411/- on borrowed funds, was dismissed. The Commissioner of Income Tax (Appeals) and the Tribunal both ruled in favor of the assessee, highlighting the lack of concrete evidence provided by the Assessing Officer to support the additions. The CIT(A) emphasized the proper recording of transactions and commercial expediency in the utilization of funds, ultimately leading to the dismissal of the Revenue's appeals. The Tribunal directed a reassessment under section 14A for the Rs. 50,00,000/- advance. Case-Laws Income Tax Tue, 06 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207095