https://www.taxtmi.com/caselaws?id=443489 The Tribunal upheld the CIT(A)'s decision in favor of the assessee on all grounds, dismissing the revenue's appeal. The deletion of an addition on account of interest income was justified due to the incorrect application of a 12% interest rate for the entire year. The commercial expediency of loans was substantiated by the assessee's documentation, leading to the deletion of the addition. The Tribunal also found the AO's calculation of interest rate on loans and the addition under section 69B for suppression of loans to be incorrect, supporting the CIT(A)'s rulings. en-us Mon, 28 Aug 2023 00:00:00 +0530 Mon, 25 Sep 2023 08:17:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443489 The Tribunal upheld the CIT(A)'s decision in favor of the assessee on all grounds, dismissing the revenue's appeal. The deletion of an addition on account of interest income was justified due to the incorrect application of a 12% interest rate for the entire year. The commercial expediency of loans was substantiated by the assessee's documentation, leading to the deletion of the addition. The Tribunal also found the AO's calculation of interest rate on loans and the addition under section 69B for suppression of loans to be incorrect, supporting the CIT(A)'s rulings. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443489