https://www.taxtmi.com/caselaws?id=369790 The Tribunal allowed all appeals filed by the assessee, directing the AO to delete additions totaling to over Rs. 82 lakhs for unsecured loans and interest payments. The Tribunal found the assessee had provided sufficient evidence, shifting the burden to the Revenue, which failed to conduct further investigations despite responses to notices. Citing judicial precedents, including CIT vs. Orissa Corporation Pvt. Ltd., the Tribunal concluded that the Revenue's acceptance of interest while doubting genuineness was contradictory. Consequently, the additions were deleted, and the appeals were allowed. en-us Wed, 31 Oct 2018 00:00:00 +0530 Fri, 02 Nov 2018 13:46:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369790 The Tribunal allowed all appeals filed by the assessee, directing the AO to delete additions totaling to over Rs. 82 lakhs for unsecured loans and interest payments. The Tribunal found the assessee had provided sufficient evidence, shifting the burden to the Revenue, which failed to conduct further investigations despite responses to notices. Citing judicial precedents, including CIT vs. Orissa Corporation Pvt. Ltd., the Tribunal concluded that the Revenue's acceptance of interest while doubting genuineness was contradictory. Consequently, the additions were deleted, and the appeals were allowed. Case-Laws Income Tax Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369790