https://www.taxtmi.com/caselaws?id=370515 The Tribunal upheld the CIT (A)'s decisions in favor of the assessee, deleting additions made by disallowing proportionate interest payments and unverified unsecured loans under Section 68. The Tribunal emphasized the business purpose of the advances and the credibility of the creditors' evidence. Additionally, the Tribunal overturned the trading addition, considering the substantial increase in turnover justifying the slight decrease in the GP rate. The Tribunal dismissed the revenue's appeal and supported the CIT (A)'s decisions, highlighting the significance of commercial expediency and proper documentation in tax assessments. en-us Fri, 20 Jul 2018 00:00:00 +0530 Mon, 19 Nov 2018 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370515 The Tribunal upheld the CIT (A)'s decisions in favor of the assessee, deleting additions made by disallowing proportionate interest payments and unverified unsecured loans under Section 68. The Tribunal emphasized the business purpose of the advances and the credibility of the creditors' evidence. Additionally, the Tribunal overturned the trading addition, considering the substantial increase in turnover justifying the slight decrease in the GP rate. The Tribunal dismissed the revenue's appeal and supported the CIT (A)'s decisions, highlighting the significance of commercial expediency and proper documentation in tax assessments. Case-Laws Income Tax Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370515