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of <h1>ITAT ruling upheld: Written-off inter-corporate deposits considered bad debts.</h1> <h3>The Commissioner of Income Tax Versus ABC Bearing Limited</h3> The Bombay HC dismissed the appeal concerning the assessee's claim for 'inter-corporate deposits' written off, as the ITAT determined the deposits had ... Bad debts - intercorporate deposits - Held that:- the assessee was engaged in the business of advancing loans and interest received from the intercorporate deposits have been assessed as business income in the past. Since the said intercorporate deposits had become bad, the assessee in the assessment year in question had written off that amount. Since the interest income from the intercorporate deposits have been assessed as business income, in the facts of the present case allowing the claim of the assessee in writing off the intercorporate deposits cannot be faulted 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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