https://www.taxtmi.com/caselaws?id=410278 The Tribunal upheld the deletion of additions under Section 68 of the Income Tax Act related to alleged bogus loans, as the assessee proved the genuineness of the transactions with proper documentation. Consequently, the disallowance of interest on these loans was also revoked. Additionally, the penalty under Section 271(1)(c) for the relevant assessment years was deleted since the additions were overturned. The Tribunal dismissed the revenue's appeals, emphasizing the assessee's fulfillment of the burden of proof and the lack of contrary evidence from the Assessing Officer. en-us Mon, 14 Jun 2021 00:00:00 +0530 Thu, 29 Jul 2021 10:50:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410278 The Tribunal upheld the deletion of additions under Section 68 of the Income Tax Act related to alleged bogus loans, as the assessee proved the genuineness of the transactions with proper documentation. Consequently, the disallowance of interest on these loans was also revoked. Additionally, the penalty under Section 271(1)(c) for the relevant assessment years was deleted since the additions were overturned. The Tribunal dismissed the revenue's appeals, emphasizing the assessee's fulfillment of the burden of proof and the lack of contrary evidence from the Assessing Officer. Case-Laws Income Tax Mon, 14 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410278