https://www.taxtmi.com/caselaws?id=290794 The ITAT dismissed the appeal filed by the Revenue, affirming that the Assessee had proven the genuineness of the loan of Rs. 1,40,00,000/- received from entities managed by Praveen Kumar Jain. The court upheld the decision of the Ld. CIT(A) in allowing the interest expenses of Rs. 26,45,096/- on the loan, concluding that the transactions were conducted through proper banking channels and were legitimate. en-us Fri, 10 Jan 2020 00:00:00 +0530 Fri, 16 Oct 2020 10:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290794 The ITAT dismissed the appeal filed by the Revenue, affirming that the Assessee had proven the genuineness of the loan of Rs. 1,40,00,000/- received from entities managed by Praveen Kumar Jain. The court upheld the decision of the Ld. CIT(A) in allowing the interest expenses of Rs. 26,45,096/- on the loan, concluding that the transactions were conducted through proper banking channels and were legitimate. Case-Laws Income Tax Fri, 10 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290794