https://www.taxtmi.com/caselaws?id=183512 The Tribunal partly allowed the appeals, directing reconsideration of the disallowance under Section 40A(3) and interest-free advances, while upholding additions under Section 68. It stressed the importance of substantiating claims with evidence and thorough examination of transactions and entities involved. The Tribunal found entities like MSRTC and MSEB, controlled by the government, qualify as government instrumentalities, setting aside the disallowance issue for fresh consideration. The burden of proof on identity and creditworthiness of creditors was emphasized, leading to confirmation of additions made by the assessing authorities. en-us Mon, 20 May 2013 00:00:00 +0530 Mon, 05 Jun 2017 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183512 The Tribunal partly allowed the appeals, directing reconsideration of the disallowance under Section 40A(3) and interest-free advances, while upholding additions under Section 68. It stressed the importance of substantiating claims with evidence and thorough examination of transactions and entities involved. The Tribunal found entities like MSRTC and MSEB, controlled by the government, qualify as government instrumentalities, setting aside the disallowance issue for fresh consideration. The burden of proof on identity and creditworthiness of creditors was emphasized, leading to confirmation of additions made by the assessing authorities. Case-Laws Income Tax Mon, 20 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183512