https://www.taxtmi.com/caselaws?id=32681 The appeal was dismissed as both the loans and interest payments were deemed genuine under Sec.68 of the Income Tax Act, 1961. The ITAT upheld the legitimacy of the loans and interest, rejecting the appellant's argument of missing documents. Additionally, the disallowance of interest and finance charges under Sec.57 was overturned, with the CIT(A) and ITAT allowing the deductions based on a Supreme Court precedent that even indirect links to income generation justify deductions. en-us Mon, 16 Mar 2009 00:00:00 +0530 Wed, 10 Mar 2010 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32681 The appeal was dismissed as both the loans and interest payments were deemed genuine under Sec.68 of the Income Tax Act, 1961. The ITAT upheld the legitimacy of the loans and interest, rejecting the appellant's argument of missing documents. Additionally, the disallowance of interest and finance charges under Sec.57 was overturned, with the CIT(A) and ITAT allowing the deductions based on a Supreme Court precedent that even indirect links to income generation justify deductions. Case-Laws Income Tax Mon, 16 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32681