https://www.taxtmi.com/caselaws?id=443967 The Tribunal condoned the delay in filing the appeal due to the Covid-19 pandemic, admitting the appeal for hearing. The addition of bogus unsecured loans and interest expenses was deleted as the assessee proved the genuineness of transactions. Disallowance under section 36(1)(iii) was upheld, as the assessee demonstrated the nature and source of the sum. The disallowance under section 14A was referred back for verification. The revenue's challenge on adhoc disallowance was dismissed. The Tribunal upheld the decisions of the CIT(A) and dismissed the revenue's appeal in its entirety. en-us Wed, 26 Jul 2023 00:00:00 +0530 Thu, 05 Oct 2023 14:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443967 The Tribunal condoned the delay in filing the appeal due to the Covid-19 pandemic, admitting the appeal for hearing. The addition of bogus unsecured loans and interest expenses was deleted as the assessee proved the genuineness of transactions. Disallowance under section 36(1)(iii) was upheld, as the assessee demonstrated the nature and source of the sum. The disallowance under section 14A was referred back for verification. The revenue's challenge on adhoc disallowance was dismissed. The Tribunal upheld the decisions of the CIT(A) and dismissed the revenue's appeal in its entirety. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443967