Mere Interest waiver will not Vitiate Genuineness of Loan Transaction

ACIT Vs Mihir Subodhbhai Shah (ITAT Ahmedabad)

Mere agreement to not to charge/pay interest on loan will not vitiate genuineness of such loan transaction

Admittedly, during the year the bank account of the assessee was credited by Rs. 8 Lakh which was treated as unexplained investment by the AO in the absence of necessary detail. The assessee during the appellate proceeding before the learned CIT-A submitted that same r

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