https://www.taxtmi.com/caselaws?id=385633 The ITAT partially allowed the appeal of the assessee in a case involving the addition of a cash gift under section 68 of the Income Tax Act, 1961, and the disallowance of interest paid on unsecured loans. The ITAT found that the gift was received from the mother-in-law, supported by documentary evidence and a sworn Affidavit, directing the AO to reconsider the matter. Regarding the interest disallowance, the ITAT determined that no disallowance was justified due to the availability of interest-free funds, remanding the issue back to the AO for fresh consideration based on their directions. en-us Tue, 11 Jun 2019 00:00:00 +0530 Tue, 10 Sep 2019 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385633 The ITAT partially allowed the appeal of the assessee in a case involving the addition of a cash gift under section 68 of the Income Tax Act, 1961, and the disallowance of interest paid on unsecured loans. The ITAT found that the gift was received from the mother-in-law, supported by documentary evidence and a sworn Affidavit, directing the AO to reconsider the matter. Regarding the interest disallowance, the ITAT determined that no disallowance was justified due to the availability of interest-free funds, remanding the issue back to the AO for fresh consideration based on their directions. Case-Laws Income Tax Tue, 11 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385633