https://www.taxtmi.com/caselaws?id=400290 The Tribunal ruled in favor of the assessees, finding sufficient evidence to prove the identity and creditworthiness of the lenders under Section 68 of the Income Tax Act. The additions made by the AO were deleted as the assessees successfully demonstrated the genuineness of the transactions. Additionally, the disallowance of interest on loans was overturned by the Tribunal, recognizing the genuine nature of the loans used for business purposes. The Tribunal also acknowledged the allowability of education cess but dismissed the claim due to the lack of actual payment for the relevant year. Procedural issues regarding scrutiny conversion and notice issuance were not addressed as the additions were deleted based on merits. en-us Mon, 28 Sep 2020 00:00:00 +0530 Wed, 18 Aug 2021 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400290 The Tribunal ruled in favor of the assessees, finding sufficient evidence to prove the identity and creditworthiness of the lenders under Section 68 of the Income Tax Act. The additions made by the AO were deleted as the assessees successfully demonstrated the genuineness of the transactions. Additionally, the disallowance of interest on loans was overturned by the Tribunal, recognizing the genuine nature of the loans used for business purposes. The Tribunal also acknowledged the allowability of education cess but dismissed the claim due to the lack of actual payment for the relevant year. Procedural issues regarding scrutiny conversion and notice issuance were not addressed as the additions were deleted based on merits. Case-Laws Income Tax Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400290