https://www.taxtmi.com/caselaws?id=255269 The ITAT remanded the case to the AO for further examination regarding the addition of Rs. 2,21,50,000 as unexplained investments due to discrepancies in findings. The ITAT reversed the disallowance of interest paid under Section 40(a)(ia) of Rs. 21,11,274, emphasizing that if the payee has accounted for income and paid taxes, further disallowance is unwarranted. The ITAT upheld the CIT(A)'s decision to accept the explanation for the addition of Rs. 68,89,250 as unexplained investment in land, stressing the importance of concrete evidence. Regarding the addition of Rs. 24,12,341 as unexplained investment in house construction, the ITAT supported the CIT(A)'s directive for verification, ultimately confirming the explained investments. en-us Fri, 02 Jan 2015 00:00:00 +0530 Thu, 08 Jan 2015 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255269 The ITAT remanded the case to the AO for further examination regarding the addition of Rs. 2,21,50,000 as unexplained investments due to discrepancies in findings. The ITAT reversed the disallowance of interest paid under Section 40(a)(ia) of Rs. 21,11,274, emphasizing that if the payee has accounted for income and paid taxes, further disallowance is unwarranted. The ITAT upheld the CIT(A)'s decision to accept the explanation for the addition of Rs. 68,89,250 as unexplained investment in land, stressing the importance of concrete evidence. Regarding the addition of Rs. 24,12,341 as unexplained investment in house construction, the ITAT supported the CIT(A)'s directive for verification, ultimately confirming the explained investments. Case-Laws Income Tax Fri, 02 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255269