https://www.taxtmi.com/caselaws?id=756716 ITAT Mumbai set aside additions made for unproved loans and disallowed bank interest. The tribunal found that three loans were carried forward from earlier years and not related to the current assessment year, directing their deletion. For a Rs. 1 crore loan involving legal proceedings under Section 138 of the Negotiable Instruments Act, the matter was remanded for verification of the loan creditor. Other loans taken during the assessment year were also remanded for verification despite submission of confirmations, PAN details, and bank entries. The bank interest disallowance of Rs. 56,08,404 was similarly remanded for verification, with directions for reasonable opportunity of hearing. en-us Tue, 09 Jul 2024 00:00:00 +0530 Tue, 06 Aug 2024 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756716 ITAT Mumbai set aside additions made for unproved loans and disallowed bank interest. The tribunal found that three loans were carried forward from earlier years and not related to the current assessment year, directing their deletion. For a Rs. 1 crore loan involving legal proceedings under Section 138 of the Negotiable Instruments Act, the matter was remanded for verification of the loan creditor. Other loans taken during the assessment year were also remanded for verification despite submission of confirmations, PAN details, and bank entries. The bank interest disallowance of Rs. 56,08,404 was similarly remanded for verification, with directions for reasonable opportunity of hearing. Case-Laws Income Tax Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756716