https://www.taxtmi.com/caselaws?id=403682 The Appellate Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to delete the addition made towards the non-existing liability related to loans availed from the finance company. The Tribunal found that discrepancies in loan liabilities were due to inadvertent errors in recording transactions, leading to duplicate entries and a non-existing liability. The Tribunal concluded that the additions made by the Assessing Officer were unfounded, emphasizing the importance of reconciling financial records to avoid erroneous tax implications. en-us Mon, 01 Feb 2021 00:00:00 +0530 Fri, 05 Feb 2021 07:09:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403682 The Appellate Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to delete the addition made towards the non-existing liability related to loans availed from the finance company. The Tribunal found that discrepancies in loan liabilities were due to inadvertent errors in recording transactions, leading to duplicate entries and a non-existing liability. The Tribunal concluded that the additions made by the Assessing Officer were unfounded, emphasizing the importance of reconciling financial records to avoid erroneous tax implications. Case-Laws Income Tax Mon, 01 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403682