https://www.taxtmi.com/caselaws?id=215359 The Tribunal ruled in favor of the assessee in the case. The addition of Rs. 10,00,000 as an unexplained loan under Section 68 of the Income Tax Act was deleted as the assessee provided sufficient evidence to prove the loan's genuineness. The issue of under-valuation of stock was remanded back for fresh adjudication. The addition of interest on FDRs was found infructuous. The disallowance under Section 40(a)(ia) was partially upheld, with discrepancies to be verified by the Assessing Officer. The disallowance of interest notionally charged was subject to further verification. The appeal was partly allowed for statistical purposes, with issues remanded for reevaluation. en-us Fri, 06 Jul 2012 00:00:00 +0530 Mon, 10 Sep 2012 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215359 The Tribunal ruled in favor of the assessee in the case. The addition of Rs. 10,00,000 as an unexplained loan under Section 68 of the Income Tax Act was deleted as the assessee provided sufficient evidence to prove the loan's genuineness. The issue of under-valuation of stock was remanded back for fresh adjudication. The addition of interest on FDRs was found infructuous. The disallowance under Section 40(a)(ia) was partially upheld, with discrepancies to be verified by the Assessing Officer. The disallowance of interest notionally charged was subject to further verification. The appeal was partly allowed for statistical purposes, with issues remanded for reevaluation. Case-Laws Income Tax Fri, 06 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215359