https://www.taxtmi.com/caselaws?id=208394 The ITAT, Bangalore dismissed the Revenue's appeal and upheld the CIT(A)'s decision regarding the disputed deletion of unexplained sales of granite blocks amounting to Rs.7781699 by the individual assessee. The ITAT found that the loan received from Far East Marbles of Thailand was genuine, routed through banking channels, and utilized for business purposes, disagreeing with the AO's allegations of unaccounted sales. The decision emphasized the creditor's confirmation, the genuine nature of the transaction, and the lack of evidence against the assessee. en-us Fri, 08 Jan 2010 00:00:00 +0530 Sat, 14 Jan 2012 09:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208394 The ITAT, Bangalore dismissed the Revenue's appeal and upheld the CIT(A)'s decision regarding the disputed deletion of unexplained sales of granite blocks amounting to Rs.7781699 by the individual assessee. The ITAT found that the loan received from Far East Marbles of Thailand was genuine, routed through banking channels, and utilized for business purposes, disagreeing with the AO's allegations of unaccounted sales. The decision emphasized the creditor's confirmation, the genuine nature of the transaction, and the lack of evidence against the assessee. Case-Laws Income Tax Fri, 08 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208394