https://www.taxtmi.com/caselaws?id=768959 The Tribunal addressed reassessment proceedings and unsecured loan challenges in tax law. It upheld the validity of reassessment under section 147, deleted the Rs. 30,00,171 addition under section 68 by finding the loans genuine, and reversed the disallowance of Rs. 1,08,407 interest expenditure. The decision emphasized establishing loan identity, creditworthiness, and transaction genuineness to successfully challenge tax authority assessments. en-us Wed, 29 Jan 2025 00:00:00 +0530 Thu, 17 Apr 2025 08:35:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768959 The Tribunal addressed reassessment proceedings and unsecured loan challenges in tax law. It upheld the validity of reassessment under section 147, deleted the Rs. 30,00,171 addition under section 68 by finding the loans genuine, and reversed the disallowance of Rs. 1,08,407 interest expenditure. The decision emphasized establishing loan identity, creditworthiness, and transaction genuineness to successfully challenge tax authority assessments. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768959