https://www.taxtmi.com/caselaws?id=310117 The Tribunal upheld the validity of the reassessment proceedings initiated under Section 147, dismissing the assessee's challenge. The additions under Section 68 for unexplained cash credits from specific lenders were deleted as the Tribunal found them to be genuine NBFCs with sufficient financial standing. Disallowance of interest on unsecured loans was also overturned as the loans were taken in previous years and interest was paid on opening balances. The disallowance under Section 14A was reduced and limited to the extent of exempt income earned. The Tribunal dismissed Revenue's appeals and partly allowed the assessee's appeals. en-us Wed, 14 Oct 2020 00:00:00 +0530 Sat, 07 Oct 2023 08:32:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310117 The Tribunal upheld the validity of the reassessment proceedings initiated under Section 147, dismissing the assessee's challenge. The additions under Section 68 for unexplained cash credits from specific lenders were deleted as the Tribunal found them to be genuine NBFCs with sufficient financial standing. Disallowance of interest on unsecured loans was also overturned as the loans were taken in previous years and interest was paid on opening balances. The disallowance under Section 14A was reduced and limited to the extent of exempt income earned. The Tribunal dismissed Revenue's appeals and partly allowed the assessee's appeals. Case-Laws Income Tax Wed, 14 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310117