https://www.taxtmi.com/caselaws?id=325635 The Tribunal upheld the deletion of an addition of Rs. 2.21 Crores under section 68 of the I.T. Act, 1961, as the Assessee proved the creditworthiness of creditors. Additionally, the Tribunal deemed the interest amount of Rs. 9,99,175 debited to the P&L account on an unsecured loan allowable, as the unsecured loans were satisfactorily explained. The Tribunal dismissed the Revenue's appeal and the Assessee's Cross Objection, affirming the decisions on the deletion of additions under section 68 of the I.T. Act, 1961, and the interest debited to the P&L account on the unsecured loan. en-us Mon, 15 Feb 2016 00:00:00 +0530 Fri, 25 Mar 2016 09:35:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325635 The Tribunal upheld the deletion of an addition of Rs. 2.21 Crores under section 68 of the I.T. Act, 1961, as the Assessee proved the creditworthiness of creditors. Additionally, the Tribunal deemed the interest amount of Rs. 9,99,175 debited to the P&L account on an unsecured loan allowable, as the unsecured loans were satisfactorily explained. The Tribunal dismissed the Revenue's appeal and the Assessee's Cross Objection, affirming the decisions on the deletion of additions under section 68 of the I.T. Act, 1961, and the interest debited to the P&L account on the unsecured loan. Case-Laws Income Tax Mon, 15 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325635