https://www.taxtmi.com/caselaws?id=358299 The High Court upheld the Tribunal's decision to delete the addition of Rs. 68,80,000 as "unsecured loans." The Court agreed that the assessee had proven the legitimacy of the loans by providing detailed information and documents about the transactions, creditor companies, and financial records. The Court found no merit in the AO's allegations of accommodation entries or non-payment of interest, concluding that the transactions were genuine and temporary in nature. The Court dismissed the appeal, affirming that the assessee had fulfilled its burden of proof and that the AO's additions were unwarranted. en-us Tue, 20 Feb 2018 00:00:00 +0530 Tue, 10 Apr 2018 08:22:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358299 The High Court upheld the Tribunal's decision to delete the addition of Rs. 68,80,000 as "unsecured loans." The Court agreed that the assessee had proven the legitimacy of the loans by providing detailed information and documents about the transactions, creditor companies, and financial records. The Court found no merit in the AO's allegations of accommodation entries or non-payment of interest, concluding that the transactions were genuine and temporary in nature. The Court dismissed the appeal, affirming that the assessee had fulfilled its burden of proof and that the AO's additions were unwarranted. Case-Laws Income Tax Tue, 20 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358299