https://www.taxtmi.com/caselaws?id=436784 The appeal was partly allowed with specific directions to correct a typographical error and allow business expenses. The addition of allegedly bogus loan as unexplained cash credits was upheld due to failure to establish the creditor's identity and creditworthiness. Declared income was not considered unexplained cash credits to avoid double taxation. The violation of natural justice principles was not substantiated. Disallowance of business expenses was overturned as necessary for earning income. A typographical error was corrected. The additional ground regarding a loan received by a sister concern was rejected, holding the assessee responsible for explaining the transaction. en-us Tue, 18 Apr 2023 00:00:00 +0530 Thu, 20 Apr 2023 10:02:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436784 The appeal was partly allowed with specific directions to correct a typographical error and allow business expenses. The addition of allegedly bogus loan as unexplained cash credits was upheld due to failure to establish the creditor's identity and creditworthiness. Declared income was not considered unexplained cash credits to avoid double taxation. The violation of natural justice principles was not substantiated. Disallowance of business expenses was overturned as necessary for earning income. A typographical error was corrected. The additional ground regarding a loan received by a sister concern was rejected, holding the assessee responsible for explaining the transaction. Case-Laws Income Tax Tue, 18 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436784