https://www.taxtmi.com/caselaws?id=403258 The Tribunal partly allowed the appeal, emphasizing the importance of verifying claims and justifiable disallowances based on supporting evidence. It noted that the genuineness of the loan was not questioned in the previous assessment year and remanded the issue to verify if the amount was indeed an opening balance. The Tribunal stressed the need to examine whether the loan was a brought forward amount from the previous year. The disallowance of expenses by the Assessing Officer was reduced to 5% by the CIT(A), except for shop and office rent, which was considered a recurring expenditure. en-us Thu, 21 Jan 2021 00:00:00 +0530 Fri, 22 Jan 2021 11:53:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403258 The Tribunal partly allowed the appeal, emphasizing the importance of verifying claims and justifiable disallowances based on supporting evidence. It noted that the genuineness of the loan was not questioned in the previous assessment year and remanded the issue to verify if the amount was indeed an opening balance. The Tribunal stressed the need to examine whether the loan was a brought forward amount from the previous year. The disallowance of expenses by the Assessing Officer was reduced to 5% by the CIT(A), except for shop and office rent, which was considered a recurring expenditure. Case-Laws Income Tax Thu, 21 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403258