https://www.taxtmi.com/caselaws?id=262413 The Tribunal dismissed both the assessee's and the Revenue's appeals, upholding the CIT(A)'s decision to partially reduce the addition under Section 68 of the Income Tax Act. The Tribunal also agreed with the disallowance of interest on unsecured loans related to the Khandar Group and supported the deletion of disallowance on purchases. The judgment highlighted the necessity of substantiating the capacity and genuineness of transactions, particularly when involving financially unstable entities like the Khandar Group. en-us Fri, 29 May 2015 00:00:00 +0530 Sat, 08 Aug 2015 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262413 The Tribunal dismissed both the assessee's and the Revenue's appeals, upholding the CIT(A)'s decision to partially reduce the addition under Section 68 of the Income Tax Act. The Tribunal also agreed with the disallowance of interest on unsecured loans related to the Khandar Group and supported the deletion of disallowance on purchases. The judgment highlighted the necessity of substantiating the capacity and genuineness of transactions, particularly when involving financially unstable entities like the Khandar Group. Case-Laws Income Tax Fri, 29 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262413