https://www.taxtmi.com/caselaws?id=464989 HC upheld deletion of additions made u/s 68 and 37 relating to alleged unexplained unsecured loans and disallowance of interest expenses. It held that the assessee had repaid the entire loan, either in the relevant year or subsequent years, through banking channels and had furnished complete details of receipts and repayments. The assessee produced supporting documents establishing identity, creditworthiness of lenders, and genuineness of transactions, including bank statements, income-tax returns, and confirmations, thereby discharging its onus. Consequently, the HC affirmed the First Appellate Authority's order deleting the additions, and as a corollary, deleted the interest disallowance. Revenue's appeal was dismissed. en-us Mon, 08 Jul 2024 00:00:00 +0530 Thu, 27 Nov 2025 19:55:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464989 HC upheld deletion of additions made u/s 68 and 37 relating to alleged unexplained unsecured loans and disallowance of interest expenses. It held that the assessee had repaid the entire loan, either in the relevant year or subsequent years, through banking channels and had furnished complete details of receipts and repayments. The assessee produced supporting documents establishing identity, creditworthiness of lenders, and genuineness of transactions, including bank statements, income-tax returns, and confirmations, thereby discharging its onus. Consequently, the HC affirmed the First Appellate Authority's order deleting the additions, and as a corollary, deleted the interest disallowance. Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464989