https://www.taxtmi.com/caselaws?id=68572 The tribunal allowed telescoping of the trading addition into the addition made under section 68, benefiting the assessee. Additionally, the disallowance of interest was overturned in favor of the assessee as the loan was genuine and utilized for acquiring a capital asset for business purposes. The appeal was partially allowed, providing relief on the issues of addition under section 68 and disallowance of interest deduction. Grounds 3 and 4 of the appeal were dismissed as they were not pressed by the authorized representative. en-us Wed, 05 Jan 2005 00:00:00 +0530 Sat, 03 Sep 2011 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68572 The tribunal allowed telescoping of the trading addition into the addition made under section 68, benefiting the assessee. Additionally, the disallowance of interest was overturned in favor of the assessee as the loan was genuine and utilized for acquiring a capital asset for business purposes. The appeal was partially allowed, providing relief on the issues of addition under section 68 and disallowance of interest deduction. Grounds 3 and 4 of the appeal were dismissed as they were not pressed by the authorized representative. Case-Laws Income Tax Wed, 05 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68572