https://www.taxtmi.com/caselaws?id=411025 The court upheld the CIT(A)'s decision in favor of the assessee regarding the unsecured loan disallowance under section 68 of the Act, as the creditor's identity was established, and the genuineness of the transaction was supported by bank records. The disallowance of commission expenses under section 37 was also ruled in favor of the assessee, as proper payment channels and TDS deductions were evidenced. The adhoc disallowance of miscellaneous expenses was dismissed, emphasizing the necessity for a factual basis before disallowing expenses. en-us Mon, 09 Aug 2021 00:00:00 +0530 Mon, 16 Aug 2021 09:13:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411025 The court upheld the CIT(A)'s decision in favor of the assessee regarding the unsecured loan disallowance under section 68 of the Act, as the creditor's identity was established, and the genuineness of the transaction was supported by bank records. The disallowance of commission expenses under section 37 was also ruled in favor of the assessee, as proper payment channels and TDS deductions were evidenced. The adhoc disallowance of miscellaneous expenses was dismissed, emphasizing the necessity for a factual basis before disallowing expenses. Case-Laws Income Tax Mon, 09 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411025