https://www.taxtmi.com/caselaws?id=461368 The ITAT Ahmedabad ruled on three issues in this tax appeal. First, the tribunal upheld the addition of unexplained loan and interest, finding the assessee failed to prove genuineness of the transaction or lender's creditworthiness despite having sufficient cash balance. Second, it allowed the assessee's appeal regarding disallowance of salary, shop, and telephone expenses, noting CIT(A) failed to dispute service genuineness or justify excessive payment claims. Third, it dismissed the appeal on benami concerns, as the assessee couldn't prove independent business operations by various persons including spouse, with admissions confirming effective control by the assessee. en-us Wed, 22 May 2024 00:00:00 +0530 Tue, 01 Apr 2025 12:29:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461368 The ITAT Ahmedabad ruled on three issues in this tax appeal. First, the tribunal upheld the addition of unexplained loan and interest, finding the assessee failed to prove genuineness of the transaction or lender's creditworthiness despite having sufficient cash balance. Second, it allowed the assessee's appeal regarding disallowance of salary, shop, and telephone expenses, noting CIT(A) failed to dispute service genuineness or justify excessive payment claims. Third, it dismissed the appeal on benami concerns, as the assessee couldn't prove independent business operations by various persons including spouse, with admissions confirming effective control by the assessee. Case-Laws Income Tax Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461368