https://www.taxtmi.com/caselaws?id=277121 The Income Tax Appellate Tribunal (ITAT) upheld the decisions of the Commissioner of Income Tax (Appeals) (CITA) in a case involving the justification of deleting additions towards unsecured loans under section 68 and disallowance under section 40(a)(ia) of the Income Tax Act. The ITAT affirmed that the loans were brought forward from earlier years and duly reflected in the balance sheet, leading to the deletion of the addition under section 68. Additionally, the ITAT upheld the deletion of disallowance under section 40(a)(ia) after confirming that tax deduction at source was indeed complied with by the assessee. The revenue's appeal was dismissed, solidifying the decisions in favor of the assessee. en-us Sat, 25 Aug 2018 00:00:00 +0530 Mon, 26 Nov 2018 07:54:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277121 The Income Tax Appellate Tribunal (ITAT) upheld the decisions of the Commissioner of Income Tax (Appeals) (CITA) in a case involving the justification of deleting additions towards unsecured loans under section 68 and disallowance under section 40(a)(ia) of the Income Tax Act. The ITAT affirmed that the loans were brought forward from earlier years and duly reflected in the balance sheet, leading to the deletion of the addition under section 68. Additionally, the ITAT upheld the deletion of disallowance under section 40(a)(ia) after confirming that tax deduction at source was indeed complied with by the assessee. The revenue's appeal was dismissed, solidifying the decisions in favor of the assessee. Case-Laws Income Tax Sat, 25 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277121