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Bad Debts - Loans advanced to the Group Company utilized for purchase of properties and shares - The High court holds that it's not necessary for the assessee to establish that the debt went bad during the relevant previous year. If the assessee can demonstrate a bona fide belief that the debt had become bad and is written off accordingly, the claim should be allowed. - The High court concurs with the ITAT's finding that the nature and quality of the transaction, not just how it's recorded in the books, are crucial in determining its character. The fact that the transaction was recorded as a loan in the books does not negate its potential qualification as a bad debt.
Bad Debts - Loans advanced to the Group Company utilized for purchase of properties and shares - The High court holds that it's not necessary for the assessee to establish that the debt went bad during the relevant previous year. If the assessee can demonstrate a bona fide belief that the debt had become bad and is written off accordingly, the claim should be allowed. - The High court concurs with the ITAT's finding that the nature and quality of the transaction, not just how it's recorded in the books, are crucial in determining its character. The fact that the transaction was recorded as a loan in the books does not negate its potential qualification as a bad debt.
Note: It is a system-generated summary and is for quick reference only.
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