https://www.taxtmi.com/caselaws?id=763630 ITAT Delhi allowed the assessee's appeal on multiple grounds. The tribunal held that interest expenditure on borrowed funds used for advancing loans to group concerns was allowable under section 57(iii) due to established one-to-one nexus with interest income earned. Regarding unsecured loans, the tribunal deleted the addition of Rs 20 lakhs from a party whose subsequent loan was accepted as genuine. The tribunal also ruled that additions under section 69A were improperly invoked, as the AO failed to establish the assessee was owner of unexplained money or assets, and the burden of proof shifts to the department under section 69A unlike section 68. en-us Mon, 25 Nov 2024 00:00:00 +0530 Mon, 23 Dec 2024 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763630 ITAT Delhi allowed the assessee's appeal on multiple grounds. The tribunal held that interest expenditure on borrowed funds used for advancing loans to group concerns was allowable under section 57(iii) due to established one-to-one nexus with interest income earned. Regarding unsecured loans, the tribunal deleted the addition of Rs 20 lakhs from a party whose subsequent loan was accepted as genuine. The tribunal also ruled that additions under section 69A were improperly invoked, as the AO failed to establish the assessee was owner of unexplained money or assets, and the burden of proof shifts to the department under section 69A unlike section 68. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763630