https://www.taxtmi.com/caselaws?id=390538 The Tribunal upheld the addition of bank deposits as unexplained cash credits under section 68 of the IT Act, as the appellant failed to prove the legitimacy of the transactions. However, the disallowance of interest paid to the bank was overturned by the Tribunal, considering the commercial expediency of advancing interest-bearing funds to sister concerns. The appellant's appeal was partly allowed, with the Tribunal ruling in favor of the appellant on the issue of interest disallowance. en-us Wed, 11 Dec 2019 00:00:00 +0530 Mon, 06 Jan 2020 06:36:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390538 The Tribunal upheld the addition of bank deposits as unexplained cash credits under section 68 of the IT Act, as the appellant failed to prove the legitimacy of the transactions. However, the disallowance of interest paid to the bank was overturned by the Tribunal, considering the commercial expediency of advancing interest-bearing funds to sister concerns. The appellant's appeal was partly allowed, with the Tribunal ruling in favor of the appellant on the issue of interest disallowance. Case-Laws Income Tax Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390538