Mere Waiver of Interest on Loan b/w Parties will not Vitiate Genuineness of Loan Transaction Until Dept has Cogent Material to Prove Otherwise: ITAT

Interest on Loan - Genuineness of Loan Transaction - Cogent Material - Mere Waiver of Interest on Loan between Parties - Loan - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that mere waiver of interest on a loan between parties will not vitiate the genuineness of the loan transaction unless and until the revenue brought some cogent material on record to prove that such transaction of loan is not genuine. The assessee Shri Mihir Subodhbhai…

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