https://www.taxtmi.com/caselaws?id=339037 The Tribunal upheld the deletion of the addition of Rs. 1.42 crores made by the AO under section 68, as the appellant proved the transactions' genuineness. Additionally, the disallowance of interest expenditure of Rs. 1,372,277 was overturned due to lack of evidence showing a nexus between advances and interest paid. The Tribunal dismissed both the revenue's appeal and the assessee's cross objection, with the latter being rejected due to an unexplained delay of 671 days. en-us Tue, 31 Jan 2017 00:00:00 +0530 Fri, 17 Feb 2017 08:43:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339037 The Tribunal upheld the deletion of the addition of Rs. 1.42 crores made by the AO under section 68, as the appellant proved the transactions' genuineness. Additionally, the disallowance of interest expenditure of Rs. 1,372,277 was overturned due to lack of evidence showing a nexus between advances and interest paid. The Tribunal dismissed both the revenue's appeal and the assessee's cross objection, with the latter being rejected due to an unexplained delay of 671 days. Case-Laws Income Tax Tue, 31 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339037