https://www.taxtmi.com/caselaws?id=470161 Sufficient interest-free funds covering interest-free advances preclude a presumption that interest-bearing borrowings were diverted, requiring deletion of the related interest disallowance. For unsecured loans, permanent account numbers, tax returns, bank statements, confirmations and creditor responses establish identity, creditworthiness and transaction genuineness, discharging the taxpayer's burden and requiring deletion of the cash-credit addition. Audited accounts and expenditure details cannot support a sweeping purchase or staff-welfare disallowance without identified unreliable vouchers or specific defects; the expenditure addition is deleted. Assessed income is correspondingly reduced by deletion of all three additions. en-us Tue, 18 Mar 2025 00:00:00 +0530 Fri, 17 Jul 2026 21:38:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470161 Sufficient interest-free funds covering interest-free advances preclude a presumption that interest-bearing borrowings were diverted, requiring deletion of the related interest disallowance. For unsecured loans, permanent account numbers, tax returns, bank statements, confirmations and creditor responses establish identity, creditworthiness and transaction genuineness, discharging the taxpayer's burden and requiring deletion of the cash-credit addition. Audited accounts and expenditure details cannot support a sweeping purchase or staff-welfare disallowance without identified unreliable vouchers or specific defects; the expenditure addition is deleted. Assessed income is correspondingly reduced by deletion of all three additions. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470161