https://www.taxtmi.com/caselaws?id=419172 The appeal was partly allowed as the Tribunal found that the assessee had adequately proven the legitimacy of a loan transaction, leading to the deletion of the addition made under section 68 of the Income-tax Act, 1961. The ad-hoc disallowance confirmed by the Ld. CIT(A) was upheld, except for the addition of Rs. 12,38,000 and interest payment of Rs. 53,661, which were directed to be deleted. The judgment emphasizes the importance of substantiating credit entries to avoid unjustified additions under section 68 of the Income-tax Act, 1961. en-us Fri, 18 Feb 2022 00:00:00 +0530 Fri, 04 Mar 2022 08:58:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419172 The appeal was partly allowed as the Tribunal found that the assessee had adequately proven the legitimacy of a loan transaction, leading to the deletion of the addition made under section 68 of the Income-tax Act, 1961. The ad-hoc disallowance confirmed by the Ld. CIT(A) was upheld, except for the addition of Rs. 12,38,000 and interest payment of Rs. 53,661, which were directed to be deleted. The judgment emphasizes the importance of substantiating credit entries to avoid unjustified additions under section 68 of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 18 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419172