https://www.taxtmi.com/caselaws?id=304608 The ITAT allowed the appeal, ruling in favor of the assessee on both grounds. The addition of undisclosed investment in stock was set aside as unjustified due to lack of evidence beyond the surrendered amount. The disallowance of interest expenditure was also overturned, as the Assessing Officer failed to prove excessive interest rates compared to prevailing market rates. Therefore, the ITAT deleted the addition of Rs. 3,08,971 for undisclosed investment and the disallowance of interest expenditure amounting to Rs. 41,467. en-us Mon, 04 Apr 2016 00:00:00 +0530 Mon, 10 Oct 2022 20:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304608 The ITAT allowed the appeal, ruling in favor of the assessee on both grounds. The addition of undisclosed investment in stock was set aside as unjustified due to lack of evidence beyond the surrendered amount. The disallowance of interest expenditure was also overturned, as the Assessing Officer failed to prove excessive interest rates compared to prevailing market rates. Therefore, the ITAT deleted the addition of Rs. 3,08,971 for undisclosed investment and the disallowance of interest expenditure amounting to Rs. 41,467. Case-Laws Income Tax Mon, 04 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304608