https://www.taxtmi.com/caselaws?id=413727 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The unsecured loan of Rs. 1,69,00,000/- was deemed genuine as the assessee provided substantial evidence of the lenders' identity and creditworthiness. Additionally, the interest on the loans amounting to Rs. 13,63,294/- was considered justified, leading to its deletion as unexplained expenditure. The Tribunal highlighted the procedural lapses by the AO and emphasized that the assessee had met the burden of proof. The order was pronounced on 27.09.21. en-us Mon, 27 Sep 2021 00:00:00 +0530 Tue, 19 Oct 2021 08:23:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413727 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The unsecured loan of Rs. 1,69,00,000/- was deemed genuine as the assessee provided substantial evidence of the lenders' identity and creditworthiness. Additionally, the interest on the loans amounting to Rs. 13,63,294/- was considered justified, leading to its deletion as unexplained expenditure. The Tribunal highlighted the procedural lapses by the AO and emphasized that the assessee had met the burden of proof. The order was pronounced on 27.09.21. Case-Laws Income Tax Mon, 27 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413727