https://www.taxtmi.com/caselaws?id=60077 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,20,000 as income from undisclosed sources. The Tribunal found that the assessee had proven the genuineness of the loans, and the AO's refusal to grant time for creditors to appear was deemed unreasonable. Additionally, the Tribunal supported the allowance of interest paid of Rs. 20,703, as the loans were considered genuine based on the evidence provided. The reassessment proceedings were deemed invalid and lacking initial jurisdiction, leading to the dismissal of the departmental appeal. en-us Fri, 30 Sep 1994 00:00:00 +0530 Mon, 03 Jan 2011 16:06:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60077 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,20,000 as income from undisclosed sources. The Tribunal found that the assessee had proven the genuineness of the loans, and the AO's refusal to grant time for creditors to appear was deemed unreasonable. Additionally, the Tribunal supported the allowance of interest paid of Rs. 20,703, as the loans were considered genuine based on the evidence provided. The reassessment proceedings were deemed invalid and lacking initial jurisdiction, leading to the dismissal of the departmental appeal. Case-Laws Income Tax Fri, 30 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60077