https://www.taxtmi.com/caselaws?id=220034 The court upheld the Assessing Officer's findings regarding the bogus nature of the transactions and lack of credibility of the loan creditors. It emphasized the importance of prudent assessment of evidence. However, the court modified the orders on the levy of interest, aligning with a Full Bench judgment that interest should only be levied on the income declared in the returns. The appeal was partly allowed on this ground. en-us Wed, 25 Jul 2012 00:00:00 +0530 Mon, 07 Jan 2013 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220034 The court upheld the Assessing Officer's findings regarding the bogus nature of the transactions and lack of credibility of the loan creditors. It emphasized the importance of prudent assessment of evidence. However, the court modified the orders on the levy of interest, aligning with a Full Bench judgment that interest should only be levied on the income declared in the returns. The appeal was partly allowed on this ground. Case-Laws Income Tax Wed, 25 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220034