https://www.taxtmi.com/caselaws?id=119420 The Appellate Tribunal ITAT Mumbai addressed issues concerning the disallowance of bad debts, validity of the money lending business, and assessment of income under different heads. The Tribunal allowed the appellant's claim for bad debts related to Mr. K.M. Nemani, directing the Assessing Officer to accept it. Despite the absence of a money lending license, the Tribunal concluded that the appellant's consistent loan transactions and intention to treat interest income as business income justified the claim. Grounds 2 and 3 were accepted, while ground 1 was partly allowed, modifying the CIT(A)'s order. en-us Wed, 30 May 2007 00:00:00 +0530 Fri, 19 Jan 2024 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119420 The Appellate Tribunal ITAT Mumbai addressed issues concerning the disallowance of bad debts, validity of the money lending business, and assessment of income under different heads. The Tribunal allowed the appellant's claim for bad debts related to Mr. K.M. Nemani, directing the Assessing Officer to accept it. Despite the absence of a money lending license, the Tribunal concluded that the appellant's consistent loan transactions and intention to treat interest income as business income justified the claim. Grounds 2 and 3 were accepted, while ground 1 was partly allowed, modifying the CIT(A)'s order. Case-Laws Income Tax Wed, 30 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119420