https://www.taxtmi.com/caselaws?id=337540 The Tribunal upheld the deletion of the addition of Rs. 50,00,000 under section 68 of the Income Tax Act, 1961, as the loan was genuine and repaid prior to investigation. The Tribunal also affirmed the estimation of interest at 1% per month on the loan amount, adding Rs. 3,50,000 as interest paid, reducing the assessed loss. Both the Department's appeal and the Assessee's Cross Objection were dismissed, maintaining the CIT(A)'s order. en-us Mon, 09 Jan 2017 00:00:00 +0530 Mon, 09 Jan 2017 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337540 The Tribunal upheld the deletion of the addition of Rs. 50,00,000 under section 68 of the Income Tax Act, 1961, as the loan was genuine and repaid prior to investigation. The Tribunal also affirmed the estimation of interest at 1% per month on the loan amount, adding Rs. 3,50,000 as interest paid, reducing the assessed loss. Both the Department's appeal and the Assessee's Cross Objection were dismissed, maintaining the CIT(A)'s order. Case-Laws Income Tax Mon, 09 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337540