https://www.taxtmi.com/caselaws?id=384924 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 3,75,00,000 towards unsecured loans as unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal found that the assessee provided ample documentary evidence to establish the genuineness of the loan transaction, while highlighting the lack of independent investigation by the AO who relied solely on a retracted statement. Additionally, the Tribunal upheld the deletion of the disallowance of Rs. 2,28,92,766 towards interest paid on loans, as the interest was deemed legitimate due to the genuine nature of the underlying loan. en-us Fri, 22 Feb 2019 00:00:00 +0530 Mon, 26 Aug 2019 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384924 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 3,75,00,000 towards unsecured loans as unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal found that the assessee provided ample documentary evidence to establish the genuineness of the loan transaction, while highlighting the lack of independent investigation by the AO who relied solely on a retracted statement. Additionally, the Tribunal upheld the deletion of the disallowance of Rs. 2,28,92,766 towards interest paid on loans, as the interest was deemed legitimate due to the genuine nature of the underlying loan. Case-Laws Income Tax Fri, 22 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384924