https://www.taxtmi.com/caselaws?id=212514 The High Court upheld the deletion of Rs. 19,30,000 as an undisclosed loan under Section 69 and 69(C) of the Income Tax Act. The court found the assessee's explanation credible, supported by affidavits indicating proposed contributions for a hotel project, not actual loans. The Tribunal's decision was deemed reasonable, with no evidence of actual transactions as loans. The High Court dismissed the appeal, affirming that the findings were based on a correct appreciation of facts, and no substantial legal question arose for consideration. en-us Tue, 08 Nov 2011 00:00:00 +0530 Wed, 21 Nov 2012 16:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212514 The High Court upheld the deletion of Rs. 19,30,000 as an undisclosed loan under Section 69 and 69(C) of the Income Tax Act. The court found the assessee's explanation credible, supported by affidavits indicating proposed contributions for a hotel project, not actual loans. The Tribunal's decision was deemed reasonable, with no evidence of actual transactions as loans. The High Court dismissed the appeal, affirming that the findings were based on a correct appreciation of facts, and no substantial legal question arose for consideration. Case-Laws Income Tax Tue, 08 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212514