https://www.taxtmi.com/caselaws?id=120894 The Tribunal upheld the deletion of the addition made under section 59(1) by CIT (Appeals) as the liabilities in question were found to be loan liabilities and not trading liabilities, rendering the provisions of section 59(1) inapplicable. Additionally, the Tribunal agreed with CIT (Appeals) in deleting the disallowance of 75% of expenses claimed by the assessee, considering it was the first year of the business and the net profit was deemed reasonable. Consequently, the appeal of the revenue was dismissed. en-us Fri, 19 Oct 2007 00:00:00 +0530 Wed, 25 Jul 2012 12:30:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120894 The Tribunal upheld the deletion of the addition made under section 59(1) by CIT (Appeals) as the liabilities in question were found to be loan liabilities and not trading liabilities, rendering the provisions of section 59(1) inapplicable. Additionally, the Tribunal agreed with CIT (Appeals) in deleting the disallowance of 75% of expenses claimed by the assessee, considering it was the first year of the business and the net profit was deemed reasonable. Consequently, the appeal of the revenue was dismissed. Case-Laws Income Tax Fri, 19 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120894