https://www.taxtmi.com/caselaws?id=403406 The Tribunal directed the AO to give the assessee another chance to prove the genuineness of the remaining unsecured loan amount, emphasizing the need for supporting evidence. The appeal was partly allowed, and the cross-objection was allowed for statistical purposes. The Tribunal directed the AO to verify the claim of finance cost being for charitable purposes and grant appropriate relief. The disallowance under section 40A(3) was deleted, favoring the assessee. The appeal of the revenue was partly allowed for statistical purposes, and the cross-objection of the assessee was treated as allowed. en-us Wed, 16 Dec 2020 00:00:00 +0530 Thu, 28 Jan 2021 11:03:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403406 The Tribunal directed the AO to give the assessee another chance to prove the genuineness of the remaining unsecured loan amount, emphasizing the need for supporting evidence. The appeal was partly allowed, and the cross-objection was allowed for statistical purposes. The Tribunal directed the AO to verify the claim of finance cost being for charitable purposes and grant appropriate relief. The disallowance under section 40A(3) was deleted, favoring the assessee. The appeal of the revenue was partly allowed for statistical purposes, and the cross-objection of the assessee was treated as allowed. Case-Laws Income Tax Wed, 16 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403406