https://www.taxtmi.com/caselaws?id=374474 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete additions under section 68 of the Income Tax Act for unsecured loans, interest expenses on these loans, and under Rule 14A. The ITAT found that the Assessing Officer (A.O.) violated natural justice principles by not allowing cross-examination of third parties and that the assessee had provided adequate evidence to establish the genuineness of the loans and expenses. As no exempt income was earned, the ITAT supported the deletion of the disallowance under Rule 14A, ultimately dismissing the Revenue's appeals. en-us Fri, 05 Oct 2018 00:00:00 +0530 Fri, 01 Feb 2019 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374474 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete additions under section 68 of the Income Tax Act for unsecured loans, interest expenses on these loans, and under Rule 14A. The ITAT found that the Assessing Officer (A.O.) violated natural justice principles by not allowing cross-examination of third parties and that the assessee had provided adequate evidence to establish the genuineness of the loans and expenses. As no exempt income was earned, the ITAT supported the deletion of the disallowance under Rule 14A, ultimately dismissing the Revenue's appeals. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374474