https://www.taxtmi.com/caselaws?id=332744 The Tribunal upheld the deletion of the addition of Rs. 68.45 lakhs on account of unsecured loans from sister concerns under section 68 of the Income Tax Act, 1961. Both the Commissioner of Income Tax (Appeals) and the Tribunal found the assessee had sufficiently proven the genuineness of the transactions, even in the absence of certain records destroyed due to floods. The decision emphasizes the importance of providing alternative evidence to substantiate transactions when original records are unavailable, leading to the dismissal of the Tax Appeal. en-us Tue, 26 Jul 2016 00:00:00 +0530 Sat, 24 Sep 2016 09:24:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332744 The Tribunal upheld the deletion of the addition of Rs. 68.45 lakhs on account of unsecured loans from sister concerns under section 68 of the Income Tax Act, 1961. Both the Commissioner of Income Tax (Appeals) and the Tribunal found the assessee had sufficiently proven the genuineness of the transactions, even in the absence of certain records destroyed due to floods. The decision emphasizes the importance of providing alternative evidence to substantiate transactions when original records are unavailable, leading to the dismissal of the Tax Appeal. Case-Laws Income Tax Tue, 26 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332744