https://www.taxtmi.com/caselaws?id=301204 The ITAT ordered the restoration of the issues related to unexplained loans and bogus purchases to the CIT(A) for fresh consideration to establish the genuineness of loan creditors and address discrepancies in addresses and payments. The ITAT upheld the CIT(A) decision to allow the deduction of penalty charges as business expenditure under section 37(1) of the Act, partially allowing the appeal for statistical purposes. en-us Wed, 04 Apr 2012 00:00:00 +0530 Sat, 19 Mar 2022 11:48:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301204 The ITAT ordered the restoration of the issues related to unexplained loans and bogus purchases to the CIT(A) for fresh consideration to establish the genuineness of loan creditors and address discrepancies in addresses and payments. The ITAT upheld the CIT(A) decision to allow the deduction of penalty charges as business expenditure under section 37(1) of the Act, partially allowing the appeal for statistical purposes. Case-Laws Income Tax Wed, 04 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301204