https://www.taxtmi.com/caselaws?id=386367 The Tribunal upheld the deletion of the addition of Rs. 1,18,00,000/- towards unsecured loans, citing the assessee's provision of necessary documentation and repayment of the loans through account payee cheques. The Tribunal directed the Assessing Officer to delete the said addition, as the AO failed to verify the creditors adequately. Additionally, the Tribunal directed the classification of the assessee's net income of Rs. 2,20,20,125/- as business income, rejecting the AO's classification of it as income from other sources. The Tribunal dismissed the revenue's appeal and allowed the assessee's cross-objections in a decision pronounced on 18/09/2019. en-us Wed, 18 Sep 2019 00:00:00 +0530 Fri, 27 Sep 2019 06:40:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386367 The Tribunal upheld the deletion of the addition of Rs. 1,18,00,000/- towards unsecured loans, citing the assessee's provision of necessary documentation and repayment of the loans through account payee cheques. The Tribunal directed the Assessing Officer to delete the said addition, as the AO failed to verify the creditors adequately. Additionally, the Tribunal directed the classification of the assessee's net income of Rs. 2,20,20,125/- as business income, rejecting the AO's classification of it as income from other sources. The Tribunal dismissed the revenue's appeal and allowed the assessee's cross-objections in a decision pronounced on 18/09/2019. Case-Laws Income Tax Wed, 18 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386367