https://www.taxtmi.com/caselaws?id=380642 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1.70 crores, dismissing the revenue's appeal. The Tribunal confirmed that the loan transactions were genuine business dealings properly explained under the mercantile accounting system. The transactions were found to be part of the business dealings for purchasing soya bean, supported by bank documents and reconciliation statements. Both grounds of the revenue's appeal were dismissed, affirming the CIT(A)'s findings regarding the unsecured loan addition under section 68 of the IT Act for the assessment year 2011-12. en-us Mon, 01 Apr 2019 00:00:00 +0530 Fri, 24 May 2019 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380642 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1.70 crores, dismissing the revenue's appeal. The Tribunal confirmed that the loan transactions were genuine business dealings properly explained under the mercantile accounting system. The transactions were found to be part of the business dealings for purchasing soya bean, supported by bank documents and reconciliation statements. Both grounds of the revenue's appeal were dismissed, affirming the CIT(A)'s findings regarding the unsecured loan addition under section 68 of the IT Act for the assessment year 2011-12. Case-Laws Income Tax Mon, 01 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380642