https://www.taxtmi.com/caselaws?id=361526 The ITAT upheld the CIT(A)'s decision to delete the addition under section 68 of the Income Tax Act, emphasizing the genuineness of the loans and proper documentation. However, the ITAT directed the AO to re-examine the disallowance of business expenses, instructing a review of the necessity of expenses for the company's operation and providing the assessee with a fair opportunity to present their case. The ITAT partially allowed the Revenue's appeal on this ground for statistical purposes. en-us Tue, 29 May 2018 00:00:00 +0530 Fri, 08 Jun 2018 08:55:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361526 The ITAT upheld the CIT(A)'s decision to delete the addition under section 68 of the Income Tax Act, emphasizing the genuineness of the loans and proper documentation. However, the ITAT directed the AO to re-examine the disallowance of business expenses, instructing a review of the necessity of expenses for the company's operation and providing the assessee with a fair opportunity to present their case. The ITAT partially allowed the Revenue's appeal on this ground for statistical purposes. Case-Laws Income Tax Tue, 29 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361526