https://www.taxtmi.com/caselaws?id=288735 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 18,00,000 under section 2(22)(e) as a 'debt' and not a 'loan/advance'. It was found that the transactions were short-term finance entries without a loan agreement, qualifying as a 'debt' but not a 'loan/advance'. Additionally, the Tribunal affirmed the CIT(A)'s deletion of the unexplained unsecured loan amount of Rs. 4 lakhs, as the loan was proven genuine with supporting bank records and account details. The Revenue's appeal was dismissed based on the evidence and decisions of the lower authorities. en-us Mon, 23 Dec 2013 00:00:00 +0530 Thu, 25 Jun 2020 16:56:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288735 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 18,00,000 under section 2(22)(e) as a 'debt' and not a 'loan/advance'. It was found that the transactions were short-term finance entries without a loan agreement, qualifying as a 'debt' but not a 'loan/advance'. Additionally, the Tribunal affirmed the CIT(A)'s deletion of the unexplained unsecured loan amount of Rs. 4 lakhs, as the loan was proven genuine with supporting bank records and account details. The Revenue's appeal was dismissed based on the evidence and decisions of the lower authorities. Case-Laws Income Tax Mon, 23 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288735