https://www.taxtmi.com/caselaws?id=761168 ITAT Chandigarh upheld CIT(A)'s decision to delete addition made by AO regarding unsecured loans. AO arbitrarily disallowed 33% of total unsecured loans as unexplained without providing reasons or examining documents establishing genuineness of loans and creditworthiness of lenders. No inquiry was conducted with lenders and no material evidence supported AO's finding that loan transactions were not genuine. ITAT ruled that loan transactions are either genuine or not, with no scope for adhoc partial disallowance. Appeal decided against revenue. en-us Mon, 14 Oct 2024 00:00:00 +0530 Wed, 06 Nov 2024 08:34:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761168 ITAT Chandigarh upheld CIT(A)'s decision to delete addition made by AO regarding unsecured loans. AO arbitrarily disallowed 33% of total unsecured loans as unexplained without providing reasons or examining documents establishing genuineness of loans and creditworthiness of lenders. No inquiry was conducted with lenders and no material evidence supported AO's finding that loan transactions were not genuine. ITAT ruled that loan transactions are either genuine or not, with no scope for adhoc partial disallowance. Appeal decided against revenue. Case-Laws Income Tax Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761168