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 represent receipt of unsecured loan from Paresh N Patel and Paresh N Patel HUF. To this effect the assessee also furnished copy confirmation letter from the parties and copy of t...