https://www.taxtmi.com/caselaws?id=67124 The Tribunal allowed the assessee's appeal in part, directing the deduction of the loan amount disallowed by the Assessing Officer. The Tribunal considered the loan a proper debt for business purposes, contrary to the AO's suspicions of collusive intentions. It upheld the CIT(A)'s treatment of a portion of the loan as a bad debt, emphasizing the loan's prior classification as a proper debt in previous assessments. The Tribunal dismissed the Revenue's appeal and partially allowed the assessee's appeal, also addressing and rejecting objections regarding specific expenses. en-us Wed, 17 Mar 1993 00:00:00 +0530 Wed, 09 Mar 2011 12:00:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67124 The Tribunal allowed the assessee's appeal in part, directing the deduction of the loan amount disallowed by the Assessing Officer. The Tribunal considered the loan a proper debt for business purposes, contrary to the AO's suspicions of collusive intentions. It upheld the CIT(A)'s treatment of a portion of the loan as a bad debt, emphasizing the loan's prior classification as a proper debt in previous assessments. The Tribunal dismissed the Revenue's appeal and partially allowed the assessee's appeal, also addressing and rejecting objections regarding specific expenses. Case-Laws Income Tax Wed, 17 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67124