https://www.taxtmi.com/caselaws?id=414364 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,00,00,000 for bogus loans, as the assessee demonstrated the loans' genuineness through banking transactions and documentary evidence. The Tribunal rejected the Revenue's appeal, emphasizing the lack of evidence supporting the AO's claims and the assessee's compliance with tax regulations. Consequential additions for interest paid on the bogus loan and commission were also deleted based on the loan's genuineness, in line with previous ITAT decisions involving the same group. en-us Fri, 29 Oct 2021 00:00:00 +0530 Tue, 02 Nov 2021 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414364 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,00,00,000 for bogus loans, as the assessee demonstrated the loans' genuineness through banking transactions and documentary evidence. The Tribunal rejected the Revenue's appeal, emphasizing the lack of evidence supporting the AO's claims and the assessee's compliance with tax regulations. Consequential additions for interest paid on the bogus loan and commission were also deleted based on the loan's genuineness, in line with previous ITAT decisions involving the same group. Case-Laws Income Tax Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414364