https://www.taxtmi.com/caselaws?id=440815 The Tribunal dismissed the Revenue's appeals and the assessee's cross-objections, affirming the CIT(A)'s decisions. The additions made under section 68 of the Income Tax Act were significantly reduced, with only simple advances without PAN details being sustained. The disallowance of interest expenses under section 36(1)(iii) was deleted as the advances were deemed to be for business purposes. The Tribunal found no merit in the Revenue's contentions and upheld the CIT(A)'s factual findings and application of ITAT's directions. en-us Fri, 21 Jul 2023 00:00:00 +0530 Thu, 27 Jul 2023 08:05:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440815 The Tribunal dismissed the Revenue's appeals and the assessee's cross-objections, affirming the CIT(A)'s decisions. The additions made under section 68 of the Income Tax Act were significantly reduced, with only simple advances without PAN details being sustained. The disallowance of interest expenses under section 36(1)(iii) was deleted as the advances were deemed to be for business purposes. The Tribunal found no merit in the Revenue's contentions and upheld the CIT(A)'s factual findings and application of ITAT's directions. Case-Laws Income Tax Fri, 21 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440815