https://www.taxtmi.com/caselaws?id=401172 The Tribunal found in favor of the assessee in a tax case involving issues of unsecured loans, disallowance of interest, undisclosed investment, and unexplained investment based on impounded material. The Tribunal directed the deletion of additions made by the AO regarding unsecured loans and interest disallowance, confirming only interest on a portion of the undisclosed investment. The Tribunal also rejected the addition based on impounded material due to lack of evidence. The cross-objection by the assessee regarding the estimation of GP was partly allowed. The appeal by the revenue was dismissed, and the revised GP rates were to be used for computing taxable income. en-us Mon, 10 Aug 2020 00:00:00 +0530 Mon, 30 Nov 2020 10:37:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401172 The Tribunal found in favor of the assessee in a tax case involving issues of unsecured loans, disallowance of interest, undisclosed investment, and unexplained investment based on impounded material. The Tribunal directed the deletion of additions made by the AO regarding unsecured loans and interest disallowance, confirming only interest on a portion of the undisclosed investment. The Tribunal also rejected the addition based on impounded material due to lack of evidence. The cross-objection by the assessee regarding the estimation of GP was partly allowed. The appeal by the revenue was dismissed, and the revised GP rates were to be used for computing taxable income. Case-Laws Income Tax Mon, 10 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401172