https://www.taxtmi.com/caselaws?id=337852 The ITAT upheld the CIT(Appeals) decisions in favor of the assessee for both issues. Regarding the addition of Rs. 30,87,940 under section 69 of the IT Act, the ITAT agreed that the stock of red chillies was properly accounted for and not unexplained. For the addition of Rs. 3,02,400 under section 36(1)(iii) of the IT Act, the ITAT concurred that the interest-free loans were given for business expediency and were compensated by related business activities. The deletions of these additions were justified based on detailed analysis and legal principles. en-us Tue, 10 Jan 2017 00:00:00 +0530 Thu, 19 Jan 2017 08:30:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337852 The ITAT upheld the CIT(Appeals) decisions in favor of the assessee for both issues. Regarding the addition of Rs. 30,87,940 under section 69 of the IT Act, the ITAT agreed that the stock of red chillies was properly accounted for and not unexplained. For the addition of Rs. 3,02,400 under section 36(1)(iii) of the IT Act, the ITAT concurred that the interest-free loans were given for business expediency and were compensated by related business activities. The deletions of these additions were justified based on detailed analysis and legal principles. Case-Laws Income Tax Tue, 10 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337852