https://www.taxtmi.com/caselaws?id=776168 The ITAT set aside the addition of opening cash balance to the AO for verification of the cash book's correctness for FY 2008-09 and 2009-10, directing consideration of a reasonable opening cash balance. The AO's addition regarding investment in immovable property was upheld, as the sale deed did not specify individual shares, justifying equal ownership and the addition of unexplained investment. The disallowance of loss claimed under section 57 was also set aside for fresh examination by the AO to verify the nexus between interest expenditure and interest income from a partnership firm; the assessee was directed to provide loan and interest payment confirmations. The appeal was partly allowed and partly dismissed accordingly. en-us Fri, 03 Jan 2025 00:00:00 +0530 Wed, 06 Aug 2025 08:19:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776168 The ITAT set aside the addition of opening cash balance to the AO for verification of the cash book's correctness for FY 2008-09 and 2009-10, directing consideration of a reasonable opening cash balance. The AO's addition regarding investment in immovable property was upheld, as the sale deed did not specify individual shares, justifying equal ownership and the addition of unexplained investment. The disallowance of loss claimed under section 57 was also set aside for fresh examination by the AO to verify the nexus between interest expenditure and interest income from a partnership firm; the assessee was directed to provide loan and interest payment confirmations. The appeal was partly allowed and partly dismissed accordingly. Case-Laws Income Tax Fri, 03 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776168