https://www.taxtmi.com/caselaws?id=218218 The Revenue's appeal was dismissed in a tax case involving the addition of unexplained cash credit in the capital account and deletion of interest expenses on diverted borrowed funds. The CIT(A) deleted the cash credit addition after the appellant provided necessary details, including PAN, bank details, and confirmations. The tribunal upheld this decision, stating that the burden of proof was met. Regarding the interest expenses, the CIT(A) justified the interest-free advances given by the appellant, leading to the deletion of the disallowance. The Assessee's Cross Objection was partly allowed for statistical purposes, setting aside certain disallowances for reassessment. en-us Fri, 12 Oct 2012 00:00:00 +0530 Tue, 30 Oct 2012 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218218 The Revenue's appeal was dismissed in a tax case involving the addition of unexplained cash credit in the capital account and deletion of interest expenses on diverted borrowed funds. The CIT(A) deleted the cash credit addition after the appellant provided necessary details, including PAN, bank details, and confirmations. The tribunal upheld this decision, stating that the burden of proof was met. Regarding the interest expenses, the CIT(A) justified the interest-free advances given by the appellant, leading to the deletion of the disallowance. The Assessee's Cross Objection was partly allowed for statistical purposes, setting aside certain disallowances for reassessment. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218218