https://www.taxtmi.com/caselaws?id=385835 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 of the Income Tax Act towards unsecured loans. The assessee provided sufficient evidence to prove the genuineness of the transactions, which the Assessing Officer failed to consider adequately. The Tribunal also upheld the deletion of disallowance of commission expenses related to the unsecured loans, as the initial addition under Section 68 was found to be unjustified. The Revenue's appeal was dismissed, affirming that the assessee had met the burden of proof and the AO's actions lacked proper verification and adherence to principles of natural justice. en-us Fri, 29 Mar 2019 00:00:00 +0530 Wed, 11 Sep 2019 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385835 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 of the Income Tax Act towards unsecured loans. The assessee provided sufficient evidence to prove the genuineness of the transactions, which the Assessing Officer failed to consider adequately. The Tribunal also upheld the deletion of disallowance of commission expenses related to the unsecured loans, as the initial addition under Section 68 was found to be unjustified. The Revenue's appeal was dismissed, affirming that the assessee had met the burden of proof and the AO's actions lacked proper verification and adherence to principles of natural justice. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385835