https://www.taxtmi.com/caselaws?id=771668 Additions for alleged unexplained cash receipts could not be sustained where they rested on loose sheets, survey material and a retracted third-party statement without complete particulars, assessee linkage or independent corroboration; the tax additions were deleted. Interest on borrowed funds advanced to a sister concern was also not disallowable where the advance was made for business purposes and commercial expediency was shown; the disallowance was deleted. The appeals were thus partly allowed on the substantive issues, while the reopening challenge was not decided on merits. en-us Mon, 24 Mar 2025 00:00:00 +0530 Wed, 28 May 2025 10:24:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771668 Additions for alleged unexplained cash receipts could not be sustained where they rested on loose sheets, survey material and a retracted third-party statement without complete particulars, assessee linkage or independent corroboration; the tax additions were deleted. Interest on borrowed funds advanced to a sister concern was also not disallowable where the advance was made for business purposes and commercial expediency was shown; the disallowance was deleted. The appeals were thus partly allowed on the substantive issues, while the reopening challenge was not decided on merits. Case-Laws Income Tax Mon, 24 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771668