https://www.taxtmi.com/caselaws?id=763395 ITAT Mumbai allowed the appeal regarding disallowance of interest payment to loan creditors. The tribunal found that loan repayment transactions were properly recorded in audited books of both parties, and neither the assessment order nor appeal order rejected the documentary evidence. The assessee was denied opportunity to rely on documents before the AO. Relying on SC precedent in Kishinchand Chellaram and Gujarat HC decision in Ayachi Chandrashekhar Narsangji, ITAT set aside the appeal order, dismissed the assessment order, and quashed the additions. en-us Wed, 28 Aug 2024 00:00:00 +0530 Thu, 19 Dec 2024 08:47:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763395 ITAT Mumbai allowed the appeal regarding disallowance of interest payment to loan creditors. The tribunal found that loan repayment transactions were properly recorded in audited books of both parties, and neither the assessment order nor appeal order rejected the documentary evidence. The assessee was denied opportunity to rely on documents before the AO. Relying on SC precedent in Kishinchand Chellaram and Gujarat HC decision in Ayachi Chandrashekhar Narsangji, ITAT set aside the appeal order, dismissed the assessment order, and quashed the additions. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763395