https://www.taxtmi.com/caselaws?id=68057 A commercially settled debt may be allowed as a bad debt deduction where evidence shows the amount was written off in the assessee's books after it became irrecoverable; the debtor's continued business or failure to write off the liability itself does not prevent relief. Interest under sections 139(8), 215 and 216 is not sustainable where the final assessment results in a refundable amount, because the basis for charging such interest no longer survives. The assessee obtained relief on both the bad debt claim and the interest levy. en-us Tue, 16 Mar 1993 00:00:00 +0530 Wed, 16 Mar 2011 16:56:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68057 A commercially settled debt may be allowed as a bad debt deduction where evidence shows the amount was written off in the assessee's books after it became irrecoverable; the debtor's continued business or failure to write off the liability itself does not prevent relief. Interest under sections 139(8), 215 and 216 is not sustainable where the final assessment results in a refundable amount, because the basis for charging such interest no longer survives. The assessee obtained relief on both the bad debt claim and the interest levy. Case-Laws Income Tax Tue, 16 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68057