https://www.taxtmi.com/caselaws?id=70027 The Tribunal remitted the matter to the Income Tax Officer (ITO) for further consideration regarding the assessment under section 41(1) due to the appropriation of the amount waived by the bank. The Tribunal directed the ITO to ascertain if the assessee had intimated any specific appropriation to the bank. Regarding the disallowance of bad debts, the Tribunal concluded that further evaluation was necessary by the ITO, especially concerning the cancellation of contracts with one debtor and the recovery status from the other debtor in liquidation. The appeals were allowed for statistical purposes, emphasizing the importance of reassessing based on legal principles and factual circumstances. en-us Fri, 26 Jun 1992 00:00:00 +0530 Wed, 13 Apr 2011 15:17:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70027 The Tribunal remitted the matter to the Income Tax Officer (ITO) for further consideration regarding the assessment under section 41(1) due to the appropriation of the amount waived by the bank. The Tribunal directed the ITO to ascertain if the assessee had intimated any specific appropriation to the bank. Regarding the disallowance of bad debts, the Tribunal concluded that further evaluation was necessary by the ITO, especially concerning the cancellation of contracts with one debtor and the recovery status from the other debtor in liquidation. The appeals were allowed for statistical purposes, emphasizing the importance of reassessing based on legal principles and factual circumstances. Case-Laws Income Tax Fri, 26 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70027