https://www.taxtmi.com/caselaws?id=75007 The court dismissed the tax case appeal, upholding the decision of the Income-tax Appellate Tribunal. The appellant's claim for deduction of the provision for non-performing assets was denied, as the provision for bad and doubtful debt is not an allowable deduction under the Income-tax Act. Additionally, the court rejected the argument that the provision could be claimed as a business loss, citing established legal precedents. The treatment of a contingent deposit as income was upheld, following precedents that such amounts associated with a liability to refund cannot be characterized as income. en-us Thu, 16 Aug 2007 00:00:00 +0530 Tue, 16 Mar 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75007 The court dismissed the tax case appeal, upholding the decision of the Income-tax Appellate Tribunal. The appellant's claim for deduction of the provision for non-performing assets was denied, as the provision for bad and doubtful debt is not an allowable deduction under the Income-tax Act. Additionally, the court rejected the argument that the provision could be claimed as a business loss, citing established legal precedents. The treatment of a contingent deposit as income was upheld, following precedents that such amounts associated with a liability to refund cannot be characterized as income. Case-Laws Income Tax Thu, 16 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75007