https://www.taxtmi.com/caselaws?id=15526 Interest on loans could not be disallowed merely on the allegation that the creditors were not genuine, where the credits relating to the 29 persons had already been accepted in earlier assessment years. On those facts, the Assessing Officer could not reopen the settled genuineness of the credits or treat the creditors as non-existent for the purpose of denying the interest deduction. The disallowance was held unsustainable on the record, and the findings of the Commissioner of Income-tax (Appeals) and the Tribunal were upheld. No question of law arose from those factual findings. en-us Mon, 04 Oct 1999 00:00:00 +0530 Tue, 25 Aug 2009 17:22:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15526 Interest on loans could not be disallowed merely on the allegation that the creditors were not genuine, where the credits relating to the 29 persons had already been accepted in earlier assessment years. On those facts, the Assessing Officer could not reopen the settled genuineness of the credits or treat the creditors as non-existent for the purpose of denying the interest deduction. The disallowance was held unsustainable on the record, and the findings of the Commissioner of Income-tax (Appeals) and the Tribunal were upheld. No question of law arose from those factual findings. Case-Laws Income Tax Mon, 04 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15526