https://www.taxtmi.com/caselaws?id=302679 The Tribunal upheld the CIT(Appeals) decision to delete additions made by the AO under Section 68 of the IT Act for unsecured loans, interest on these loans, miscellaneous expenses, and salary/other expenses. The Tribunal criticized the AO for not conducting proper inquiries and upheld that the burden to prove the creditworthiness of creditors lay with the AO. The Tribunal dismissed the Revenue's appeals, emphasizing that ad hoc disallowances must be justified with a speaking order and rejecting the request for remittance to the AO to avoid multiple assessment proceedings and harassment of the assessee. en-us Wed, 18 Nov 2015 00:00:00 +0530 Sat, 11 Jun 2022 08:57:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302679 The Tribunal upheld the CIT(Appeals) decision to delete additions made by the AO under Section 68 of the IT Act for unsecured loans, interest on these loans, miscellaneous expenses, and salary/other expenses. The Tribunal criticized the AO for not conducting proper inquiries and upheld that the burden to prove the creditworthiness of creditors lay with the AO. The Tribunal dismissed the Revenue's appeals, emphasizing that ad hoc disallowances must be justified with a speaking order and rejecting the request for remittance to the AO to avoid multiple assessment proceedings and harassment of the assessee. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302679