https://www.taxtmi.com/caselaws?id=331085 The Tribunal upheld the CIT(A)'s decision to delete additions made by the assessing officer under Section 68 of the Income Tax Act, 1961, regarding unsecured loans for the assessment year 2010-11. The Tribunal found that the loans were genuine, re-grouped for administrative convenience without fresh borrowings, and confirmed by creditors in their tax returns. The revenue's appeal and the assessee's cross objection were dismissed, affirming the CIT(A)'s decision on the assessment of unsecured loans. en-us Fri, 17 Jun 2016 00:00:00 +0530 Fri, 12 Aug 2016 13:21:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331085 The Tribunal upheld the CIT(A)'s decision to delete additions made by the assessing officer under Section 68 of the Income Tax Act, 1961, regarding unsecured loans for the assessment year 2010-11. The Tribunal found that the loans were genuine, re-grouped for administrative convenience without fresh borrowings, and confirmed by creditors in their tax returns. The revenue's appeal and the assessee's cross objection were dismissed, affirming the CIT(A)'s decision on the assessment of unsecured loans. Case-Laws Income Tax Fri, 17 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331085