https://www.taxtmi.com/caselaws?id=414099 The tribunal upheld the reopening of the assessment due to specific tangible information suggesting income escapement. However, the addition of Rs. 50,00,000 as unexplained cash credit was deleted as the assessee proved the genuineness of the loan. The interest disallowance of Rs. 1.21 Lacs was allowed as the loan addition for the previous year was deleted. Estimated additions on alleged bogus purchases were reduced to only include the profit element. The tribunal partly allowed the assessee's appeals, deleting the cash credit addition and allowing the interest deduction, while dismissing the revenue's appeals on estimated additions. en-us Tue, 26 Oct 2021 00:00:00 +0530 Thu, 28 Oct 2021 08:40:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414099 The tribunal upheld the reopening of the assessment due to specific tangible information suggesting income escapement. However, the addition of Rs. 50,00,000 as unexplained cash credit was deleted as the assessee proved the genuineness of the loan. The interest disallowance of Rs. 1.21 Lacs was allowed as the loan addition for the previous year was deleted. Estimated additions on alleged bogus purchases were reduced to only include the profit element. The tribunal partly allowed the assessee's appeals, deleting the cash credit addition and allowing the interest deduction, while dismissing the revenue's appeals on estimated additions. Case-Laws Income Tax Tue, 26 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414099