https://www.taxtmi.com/caselaws?id=414964 The Court upheld the CIT(A)'s decision to delete additions related to unsecured loans and advances for land purchase transactions. The Court found that the assessee had met the burden of proof for loans received from directors and group entities, leading to the deletion of these additions. Additionally, the Court ruled that Sec. 69 did not apply to advances made for land purchase, resulting in the deletion of these additions as well. The Court dismissed the revenue's appeal and allowed the assessee's appeal for statistical purposes. en-us Mon, 01 Nov 2021 00:00:00 +0530 Sat, 20 Nov 2021 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414964 The Court upheld the CIT(A)'s decision to delete additions related to unsecured loans and advances for land purchase transactions. The Court found that the assessee had met the burden of proof for loans received from directors and group entities, leading to the deletion of these additions. Additionally, the Court ruled that Sec. 69 did not apply to advances made for land purchase, resulting in the deletion of these additions as well. The Court dismissed the revenue's appeal and allowed the assessee's appeal for statistical purposes. Case-Laws Income Tax Mon, 01 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414964