https://www.taxtmi.com/caselaws?id=253531 The Tribunal ruled in favor of the assessee, ordering the deletion of additions made under Section 68 for cash credits and advances received towards the sale of plots, as the loans were disclosed in the original return and no incriminating evidence was found during the search. Disallowance of interest payments was also overturned as the Tribunal accepted the loans as genuine. The Tribunal upheld the mandatory charging of interest under Sections 234B and 234C but dismissed the telescoping effect of income argument. Disallowances under Sections 40(a)(ia) and 40A(3) were partially upheld and deleted based on precedents. Ad-hoc disallowances of expenses were deleted, and additions for unexplained investments and based on valuation reports were also deleted following precedents. en-us Thu, 14 Aug 2014 00:00:00 +0530 Wed, 26 Nov 2014 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253531 The Tribunal ruled in favor of the assessee, ordering the deletion of additions made under Section 68 for cash credits and advances received towards the sale of plots, as the loans were disclosed in the original return and no incriminating evidence was found during the search. Disallowance of interest payments was also overturned as the Tribunal accepted the loans as genuine. The Tribunal upheld the mandatory charging of interest under Sections 234B and 234C but dismissed the telescoping effect of income argument. Disallowances under Sections 40(a)(ia) and 40A(3) were partially upheld and deleted based on precedents. Ad-hoc disallowances of expenses were deleted, and additions for unexplained investments and based on valuation reports were also deleted following precedents. Case-Laws Income Tax Thu, 14 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253531