https://www.taxtmi.com/caselaws?id=471170 Assessment framed against an entity that ceased to exist on amalgamation is invalid where that defect remains unchallenged. Unsecured loan credits cannot be treated as unexplained when the record establishes the lenders' identity, financial capacity and transaction genuineness, particularly where the principal loan is squared up on amalgamation. A further expenditure addition is unsustainable to the extent the disallowance was already made in the computation and the balance comprises substantiated ordinary business expenses. Deletion of both additions was sustained on the available records. en-us Thu, 01 Sep 2022 00:00:00 +0530 Mon, 24 Aug 2026 14:48:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471170 Assessment framed against an entity that ceased to exist on amalgamation is invalid where that defect remains unchallenged. Unsecured loan credits cannot be treated as unexplained when the record establishes the lenders' identity, financial capacity and transaction genuineness, particularly where the principal loan is squared up on amalgamation. A further expenditure addition is unsustainable to the extent the disallowance was already made in the computation and the balance comprises substantiated ordinary business expenses. Deletion of both additions was sustained on the available records. Case-Laws Income Tax Thu, 01 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471170