https://www.taxtmi.com/caselaws?id=75416 The High Court affirmed the Income Tax Appellate Tribunal's decision to allow the assessee's claim of bad debts under Section 36(1)(vii) of the Income Tax Act. The court held that the transactions were genuine, made in the course of business, and out of commercial expediency to protect the assessee's interests. It concluded that the bad debts constituted trading losses deductible under the Act, dismissing the Revenue's appeal. The court emphasized that the determination of bad debts was a factual issue, not a legal one, and could not be further disputed. en-us Wed, 23 Dec 2009 00:00:00 +0530 Sat, 29 Dec 2012 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75416 The High Court affirmed the Income Tax Appellate Tribunal's decision to allow the assessee's claim of bad debts under Section 36(1)(vii) of the Income Tax Act. The court held that the transactions were genuine, made in the course of business, and out of commercial expediency to protect the assessee's interests. It concluded that the bad debts constituted trading losses deductible under the Act, dismissing the Revenue's appeal. The court emphasized that the determination of bad debts was a factual issue, not a legal one, and could not be further disputed. Case-Laws Income Tax Wed, 23 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75416