https://www.taxtmi.com/caselaws?id=442296 The appeal filed by the assessee was partly allowed as the court found a lack of substantial evidence demonstrating the utilization of unsecured loans for business purposes, specifically for importing goods. The Principal Commissioner's order under Section 263 was sustained for further verification, emphasizing the importance of verifying loan utilization for compliance with the Income Tax Act. en-us Thu, 24 Aug 2023 00:00:00 +0530 Tue, 29 Aug 2023 08:37:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442296 The appeal filed by the assessee was partly allowed as the court found a lack of substantial evidence demonstrating the utilization of unsecured loans for business purposes, specifically for importing goods. The Principal Commissioner's order under Section 263 was sustained for further verification, emphasizing the importance of verifying loan utilization for compliance with the Income Tax Act. Case-Laws Income Tax Thu, 24 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442296