https://www.taxtmi.com/caselaws?id=428720 The Tribunal upheld the addition of Rs. 20,00,000 as unexplained unsecured loans for assessment year 2015-16. The decision was based on the lack of creditworthiness of the lender, absence of genuine transactions, and failure of the appellant to provide contrary material. The CIT(A) highlighted discrepancies in the loan transaction and emphasized the necessity for compliance with the Companies Act, 2013. The Tribunal affirmed the CIT(A)'s decision, dismissing the appellant's grounds and upholding the addition of unexplained unsecured loans. en-us Fri, 23 Sep 2022 00:00:00 +0530 Sat, 08 Oct 2022 13:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428720 The Tribunal upheld the addition of Rs. 20,00,000 as unexplained unsecured loans for assessment year 2015-16. The decision was based on the lack of creditworthiness of the lender, absence of genuine transactions, and failure of the appellant to provide contrary material. The CIT(A) highlighted discrepancies in the loan transaction and emphasized the necessity for compliance with the Companies Act, 2013. The Tribunal affirmed the CIT(A)'s decision, dismissing the appellant's grounds and upholding the addition of unexplained unsecured loans. Case-Laws Income Tax Fri, 23 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428720