https://www.taxtmi.com/caselaws?id=407424 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs. 2,86,00,000/- and allow interest of Rs. 2,80,828/- on unsecured loans. The Tribunal found that the Assessing Officer did not provide sufficient evidence to challenge the genuineness of the transactions, and the assessee had fulfilled its burden of proof under Section 68 of the Income Tax Act. As a result, the revenue's appeal was dismissed, confirming the deletion of the addition and the allowance of interest on unsecured loans. en-us Fri, 09 Apr 2021 00:00:00 +0530 Tue, 11 May 2021 08:36:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407424 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs. 2,86,00,000/- and allow interest of Rs. 2,80,828/- on unsecured loans. The Tribunal found that the Assessing Officer did not provide sufficient evidence to challenge the genuineness of the transactions, and the assessee had fulfilled its burden of proof under Section 68 of the Income Tax Act. As a result, the revenue's appeal was dismissed, confirming the deletion of the addition and the allowance of interest on unsecured loans. Case-Laws Income Tax Fri, 09 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407424