https://www.taxtmi.com/caselaws?id=408504 The tribunal partly allowed the appeal, directing the assessing officer to treat the loans as genuine and allowing the interest paid on the loans as a deduction under section 36(1)(iii) of the Income Tax Act. The assessing officer's addition under section 68 for unexplained cash credits was deleted, as the tribunal found the assessee had provided sufficient evidence of the loans' genuineness, including judicial precedents supporting similar transactions. The tribunal emphasized the lack of proper verification by the assessing officer and held that the onus had been discharged by the assessee. en-us Fri, 11 Jun 2021 00:00:00 +0530 Sat, 12 Jun 2021 08:45:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408504 The tribunal partly allowed the appeal, directing the assessing officer to treat the loans as genuine and allowing the interest paid on the loans as a deduction under section 36(1)(iii) of the Income Tax Act. The assessing officer's addition under section 68 for unexplained cash credits was deleted, as the tribunal found the assessee had provided sufficient evidence of the loans' genuineness, including judicial precedents supporting similar transactions. The tribunal emphasized the lack of proper verification by the assessing officer and held that the onus had been discharged by the assessee. Case-Laws Income Tax Fri, 11 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408504