https://www.taxtmi.com/caselaws?id=423420 The tribunal upheld the cancellation of the assessment order due to the failure to disallow interest on an unsecured loan treated as unexplained income. It emphasized that no deductions or allowances are permissible against unexplained cash credits treated as income, affirming the importance of compliance with tax laws in assessment proceedings. The appeal was dismissed, reinforcing the legal principle that such deductions are not allowed. en-us Mon, 30 May 2022 00:00:00 +0530 Tue, 07 Jun 2022 08:36:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423420 The tribunal upheld the cancellation of the assessment order due to the failure to disallow interest on an unsecured loan treated as unexplained income. It emphasized that no deductions or allowances are permissible against unexplained cash credits treated as income, affirming the importance of compliance with tax laws in assessment proceedings. The appeal was dismissed, reinforcing the legal principle that such deductions are not allowed. Case-Laws Income Tax Mon, 30 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423420