https://www.taxtmi.com/caselaws?id=423604 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs. 3,92,00,000 made under Section 69A of the Income Tax Act, 1961, as unexplained loan in the hands of the assessee. It was found that the loans were actually received by other entities and the assessee was only a contact person. Consequently, the penalty under Section 271D for the alleged cash loan transactions was also deleted as it was contingent on the now-deleted addition under Section 69A. The Tribunal dismissed the appeals and cross-objection, directing further examination of transactions in the hands of the other entities involved. en-us Tue, 07 Jun 2022 00:00:00 +0530 Fri, 10 Jun 2022 08:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423604 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs. 3,92,00,000 made under Section 69A of the Income Tax Act, 1961, as unexplained loan in the hands of the assessee. It was found that the loans were actually received by other entities and the assessee was only a contact person. Consequently, the penalty under Section 271D for the alleged cash loan transactions was also deleted as it was contingent on the now-deleted addition under Section 69A. The Tribunal dismissed the appeals and cross-objection, directing further examination of transactions in the hands of the other entities involved. Case-Laws Income Tax Tue, 07 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423604