https://www.taxtmi.com/caselaws?id=771781 An addition under section 68 could not be sustained where the disputed unsecured loans were largely opening balances carried forward from earlier years, and only a small portion related to the year under review; the addition was deleted. Once that underlying addition failed, the consequential disallowance of interest based on the same loan balances also could not stand and was deleted. The analysis confirms that section 68 cannot be invoked in the relevant year merely because opening loan balances appear in the accounts, and that dependent interest disallowances fall with the primary addition. en-us Wed, 28 May 2025 00:00:00 +0530 Fri, 30 May 2025 08:55:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771781 An addition under section 68 could not be sustained where the disputed unsecured loans were largely opening balances carried forward from earlier years, and only a small portion related to the year under review; the addition was deleted. Once that underlying addition failed, the consequential disallowance of interest based on the same loan balances also could not stand and was deleted. The analysis confirms that section 68 cannot be invoked in the relevant year merely because opening loan balances appear in the accounts, and that dependent interest disallowances fall with the primary addition. Case-Laws Income Tax Wed, 28 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771781