https://www.taxtmi.com/caselaws?id=270739 The Tribunal upheld the deletions made by the CIT(A) regarding the additions of sundry creditors, unsecured loans, and excessive salary payments. The appellant's appeal was partly allowed for statistical purposes, with the Tribunal finding the transactions genuine based on evidence presented, including affidavits and confirmations, and the immediate settlement of accounts upon receipt of payment from the buyer. The Tribunal directed a fresh examination by the AO for unsecured loans to verify the genuineness of the credits and the existence of brought forward balances. The deletions of excessive salary payments and salary payable were upheld due to the reasonableness of the payments and the provision created for salary payable. en-us Fri, 23 Oct 2015 00:00:00 +0530 Thu, 14 Jan 2016 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270739 The Tribunal upheld the deletions made by the CIT(A) regarding the additions of sundry creditors, unsecured loans, and excessive salary payments. The appellant's appeal was partly allowed for statistical purposes, with the Tribunal finding the transactions genuine based on evidence presented, including affidavits and confirmations, and the immediate settlement of accounts upon receipt of payment from the buyer. The Tribunal directed a fresh examination by the AO for unsecured loans to verify the genuineness of the credits and the existence of brought forward balances. The deletions of excessive salary payments and salary payable were upheld due to the reasonableness of the payments and the provision created for salary payable. Case-Laws Income Tax Fri, 23 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270739