https://www.taxtmi.com/caselaws?id=29393 The High Court affirmed the Tribunal's decision, ruling in favor of the assessee regarding the cancellation of the order made under section 104 of the Income-tax Act, 1961. The Court found the repayment of the loan to be a prudent business decision, considering the company's financial position and business considerations. The genuineness of the loan was not disputed, and the transfer to the general reserve was deemed acceptable. The High Court directed each party to bear their own costs. en-us Tue, 15 Sep 1981 00:00:00 +0530 Fri, 12 Mar 2010 15:32:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29393 The High Court affirmed the Tribunal's decision, ruling in favor of the assessee regarding the cancellation of the order made under section 104 of the Income-tax Act, 1961. The Court found the repayment of the loan to be a prudent business decision, considering the company's financial position and business considerations. The genuineness of the loan was not disputed, and the transfer to the general reserve was deemed acceptable. The High Court directed each party to bear their own costs. Case-Laws Income Tax Tue, 15 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29393