https://www.taxtmi.com/caselaws?id=279144 The High Court upheld the decision to delete additions of Rs. 16,91,600 and Rs. 1,11,600 made by the Assessing Officer, related to bogus credit entries of loans and interest claimed on unexplained cash credits. The Court affirmed the findings of the lower authorities that the loans were legitimate, with genuine lenders having proper documentation and conducting transactions through Account Payee Cheques. The Court dismissed the Revenue's appeal, as there was no evidence linking the loans to illegitimate activities, ultimately upholding the Tribunal's decision. en-us Mon, 19 Nov 2012 00:00:00 +0530 Sat, 18 Mar 2023 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279144 The High Court upheld the decision to delete additions of Rs. 16,91,600 and Rs. 1,11,600 made by the Assessing Officer, related to bogus credit entries of loans and interest claimed on unexplained cash credits. The Court affirmed the findings of the lower authorities that the loans were legitimate, with genuine lenders having proper documentation and conducting transactions through Account Payee Cheques. The Court dismissed the Revenue's appeal, as there was no evidence linking the loans to illegitimate activities, ultimately upholding the Tribunal's decision. Case-Laws Income Tax Mon, 19 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279144