https://www.taxtmi.com/caselaws?id=216419 The ITAT ruled in favor of the assessee in a tax case involving the addition under section 36(1)(iii) of the IT Act for investments made out of borrowed funds. The ITAT found that the investments were made from personal funds related to the business, supported by a sufficient capital amount available, and no loan was taken during the assessment year. As there was no evidence linking the investments to borrowed funds, the addition was deemed unjustified, and the ITAT set aside the lower authorities' orders, deleting the addition. Additionally, the disallowance of expenses due to lack of verifiable bills/vouchers was overturned, and the appeal of the assessee was allowed in full. en-us Fri, 20 Jul 2012 00:00:00 +0530 Thu, 06 Sep 2012 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216419 The ITAT ruled in favor of the assessee in a tax case involving the addition under section 36(1)(iii) of the IT Act for investments made out of borrowed funds. The ITAT found that the investments were made from personal funds related to the business, supported by a sufficient capital amount available, and no loan was taken during the assessment year. As there was no evidence linking the investments to borrowed funds, the addition was deemed unjustified, and the ITAT set aside the lower authorities' orders, deleting the addition. Additionally, the disallowance of expenses due to lack of verifiable bills/vouchers was overturned, and the appeal of the assessee was allowed in full. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216419