ITAT ruling upheld: Written-off inter-corporate deposits considered bad debts.

The Bombay HC dismissed the appeal concerning the assessee's claim for "inter-corporate deposits" written off, as the ITAT determined the deposits had turned bad and were previously treated as business income.

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The Bombay High Court dismissed the appeal regarding the claim of the assessee under "inter-corporate deposits" written off, as the Income Tax Appellate Tribunal found that the deposits had become bad and were previously assessed as business income.

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