https://www.taxtmi.com/caselaws?id=254050 The High Court upheld the Income Tax Appellate Tribunal's decision regarding the addition made under section 68 of the Income Tax Act 1961 in relation to an unsecured loan. The Court found no error apparent on the face of the record to warrant rectification under section 254(2) and emphasized the Tribunal's finality in determining the fictitious nature of the company involved. The writ petition challenging the Tribunal's order was dismissed for lacking merit, affirming the Tribunal's authority in deciding on the company's legitimacy. en-us Tue, 09 Dec 2014 00:00:00 +0530 Thu, 11 Dec 2014 05:57:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254050 The High Court upheld the Income Tax Appellate Tribunal's decision regarding the addition made under section 68 of the Income Tax Act 1961 in relation to an unsecured loan. The Court found no error apparent on the face of the record to warrant rectification under section 254(2) and emphasized the Tribunal's finality in determining the fictitious nature of the company involved. The writ petition challenging the Tribunal's order was dismissed for lacking merit, affirming the Tribunal's authority in deciding on the company's legitimacy. Case-Laws Income Tax Tue, 09 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254050