https://www.taxtmi.com/caselaws?id=414844 The Tribunal allowed the assessee's appeal regarding the addition of Rs. 52 lacs on account of an unsecured loan and Rs. 4,02,448/- on interest disallowance. The Tribunal found the Assessing Officer's decisions lacked supporting evidence and failed to adequately investigate the transactions. It was noted that the loan transaction was routed through bank accounts and repaid during the relevant year. The Tribunal concluded that the interest on the unsecured loan and fixed deposit were of different natures, justifying the higher interest paid on the loan. Consequently, the appeal of the assessee was allowed on both grounds. en-us Thu, 07 Oct 2021 00:00:00 +0530 Thu, 18 Nov 2021 07:45:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414844 The Tribunal allowed the assessee's appeal regarding the addition of Rs. 52 lacs on account of an unsecured loan and Rs. 4,02,448/- on interest disallowance. The Tribunal found the Assessing Officer's decisions lacked supporting evidence and failed to adequately investigate the transactions. It was noted that the loan transaction was routed through bank accounts and repaid during the relevant year. The Tribunal concluded that the interest on the unsecured loan and fixed deposit were of different natures, justifying the higher interest paid on the loan. Consequently, the appeal of the assessee was allowed on both grounds. Case-Laws Income Tax Thu, 07 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414844