https://www.taxtmi.com/caselaws?id=412826 The Income Tax Appellate Tribunal (ITAT) allowed the appeal, overturning additions made under section 36(1)(iii) of the Income Tax Act, 1961, totaling Rs. 4,41,065 and an additional Rs. 2,82,442 for bardana loss. The ITAT found the lack of evidence of agreements to charge interest and justified the bardana loss as a common trade practice. The judgment stressed the necessity of coherent explanations and supporting evidence, ultimately leading to the deletion of both additions by the Assessing Officer. en-us Mon, 20 Sep 2021 00:00:00 +0530 Tue, 28 Sep 2021 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412826 The Income Tax Appellate Tribunal (ITAT) allowed the appeal, overturning additions made under section 36(1)(iii) of the Income Tax Act, 1961, totaling Rs. 4,41,065 and an additional Rs. 2,82,442 for bardana loss. The ITAT found the lack of evidence of agreements to charge interest and justified the bardana loss as a common trade practice. The judgment stressed the necessity of coherent explanations and supporting evidence, ultimately leading to the deletion of both additions by the Assessing Officer. Case-Laws Income Tax Mon, 20 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412826