https://www.taxtmi.com/caselaws?id=394046 The Tribunal partly allowed the appeal, confirming some additions while deleting others. Loans from Shri Aayush J Patel and Shri Vasantbhai S Patel were deemed genuine and deleted, while unexplained portions of loans from Shri Nilesh N Panchal and Shri Jignesh Vasantbhai Patel were upheld. Deposits in Bank of India were partially added, recognizing genuine loans, while ICICI Bank deposits were upheld. Liabilities cessation addition was admitted, bad debts disallowance upheld, and Madhya Gujarat Vij Co. Ltd. receipt addition confirmed with a direction to avoid double taxation. The treatment of prior period losses and current year loss carry-forward was not specifically addressed. en-us Tue, 03 Mar 2020 00:00:00 +0530 Mon, 30 Mar 2020 12:21:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394046 The Tribunal partly allowed the appeal, confirming some additions while deleting others. Loans from Shri Aayush J Patel and Shri Vasantbhai S Patel were deemed genuine and deleted, while unexplained portions of loans from Shri Nilesh N Panchal and Shri Jignesh Vasantbhai Patel were upheld. Deposits in Bank of India were partially added, recognizing genuine loans, while ICICI Bank deposits were upheld. Liabilities cessation addition was admitted, bad debts disallowance upheld, and Madhya Gujarat Vij Co. Ltd. receipt addition confirmed with a direction to avoid double taxation. The treatment of prior period losses and current year loss carry-forward was not specifically addressed. Case-Laws Income Tax Tue, 03 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394046