https://www.taxtmi.com/caselaws?id=400033 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's cross-objection. The AO's additions for unsecured loans and interest disallowance were deleted as the Tribunal found the loans genuine and legitimate business expenses. No addition was warranted for the undisclosed investment as it was reflected in the balance sheet. The Tribunal also rejected the addition for unexplained investment based on impounded documents due to insufficient evidence provided by the revenue. The Tribunal directed the AO to re-compute taxable income based on revised GP rates. en-us Mon, 10 Aug 2020 00:00:00 +0530 Mon, 26 Oct 2020 11:12:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400033 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's cross-objection. The AO's additions for unsecured loans and interest disallowance were deleted as the Tribunal found the loans genuine and legitimate business expenses. No addition was warranted for the undisclosed investment as it was reflected in the balance sheet. The Tribunal also rejected the addition for unexplained investment based on impounded documents due to insufficient evidence provided by the revenue. The Tribunal directed the AO to re-compute taxable income based on revised GP rates. Case-Laws Income Tax Mon, 10 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400033