https://www.taxtmi.com/caselaws?id=442754 The ITAT upheld the addition of on-money consideration as the amount was received but not shown in the books of accounts. The disallowance of interest expenditure was remitted back to the ld. CIT(A) for reconsideration. The addition of unsecured loans was also remitted for de novo consideration due to lack of opportunity for the Assessing Officer to examine additional evidence. The appeal by the assessee was dismissed, while the cross appeal by the Revenue was partly allowed. Certain issues were ordered to be reconsidered by the ld. CIT(A) in accordance with the law. en-us Wed, 09 Aug 2023 00:00:00 +0530 Fri, 08 Sep 2023 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442754 The ITAT upheld the addition of on-money consideration as the amount was received but not shown in the books of accounts. The disallowance of interest expenditure was remitted back to the ld. CIT(A) for reconsideration. The addition of unsecured loans was also remitted for de novo consideration due to lack of opportunity for the Assessing Officer to examine additional evidence. The appeal by the assessee was dismissed, while the cross appeal by the Revenue was partly allowed. Certain issues were ordered to be reconsidered by the ld. CIT(A) in accordance with the law. Case-Laws Income Tax Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442754