https://www.taxtmi.com/caselaws?id=432863 The Tribunal allowed the appeal of the assessee, directing the deletion of both the disallowance of the alleged fictitious loss and the disallowance of interest expenses. The transactions involving the alleged loss were found to be genuine and duly recorded, with the Tribunal noting the lack of evidentiary value in certain statements. Regarding the interest disallowance, the Tribunal concluded that it was not justified as the assessee's interest-free funds exceeded the amount of loans given. The order was pronounced on 11/01/2023 at Ahmedabad. en-us Wed, 11 Jan 2023 00:00:00 +0530 Sun, 15 Jan 2023 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432863 The Tribunal allowed the appeal of the assessee, directing the deletion of both the disallowance of the alleged fictitious loss and the disallowance of interest expenses. The transactions involving the alleged loss were found to be genuine and duly recorded, with the Tribunal noting the lack of evidentiary value in certain statements. Regarding the interest disallowance, the Tribunal concluded that it was not justified as the assessee's interest-free funds exceeded the amount of loans given. The order was pronounced on 11/01/2023 at Ahmedabad. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432863