https://www.taxtmi.com/caselaws?id=439301 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,75,00,000 as unexplained cash credits and the disallowance of Rs. 11,82,945 as interest claimed on these credits. The Tribunal found that the creditors had sufficient cash from legitimate sources to justify the deposits, rejecting the Revenue's arguments of money laundering. The Tribunal concluded that the loan transactions were genuine, dismissing the Revenue's appeal and confirming the legitimacy of the interest expenses subject to TDS. en-us Fri, 16 Jun 2023 00:00:00 +0530 Wed, 21 Jun 2023 09:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439301 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,75,00,000 as unexplained cash credits and the disallowance of Rs. 11,82,945 as interest claimed on these credits. The Tribunal found that the creditors had sufficient cash from legitimate sources to justify the deposits, rejecting the Revenue's arguments of money laundering. The Tribunal concluded that the loan transactions were genuine, dismissing the Revenue's appeal and confirming the legitimacy of the interest expenses subject to TDS. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439301