https://www.taxtmi.com/caselaws?id=120729 The court concluded that the transaction involving the advance of Rs. 1 crore was a loan transaction within the ordinary course of the assessee's money-lending business. The claim for bad debts of Rs. 1 crore was deemed allowable under section 36(1)(vii) read with section 36(2)(i) of the Income-tax Act. The Third Member's decision supported the assessee's position, recognizing the transaction as a money-lending advance and the interest as business income, thus satisfying the necessary legal provisions for the claim. The appeal will return to the regular Bench for further orders. en-us Mon, 31 Dec 2007 00:00:00 +0530 Thu, 25 Jan 2024 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120729 The court concluded that the transaction involving the advance of Rs. 1 crore was a loan transaction within the ordinary course of the assessee's money-lending business. The claim for bad debts of Rs. 1 crore was deemed allowable under section 36(1)(vii) read with section 36(2)(i) of the Income-tax Act. The Third Member's decision supported the assessee's position, recognizing the transaction as a money-lending advance and the interest as business income, thus satisfying the necessary legal provisions for the claim. The appeal will return to the regular Bench for further orders. Case-Laws Income Tax Mon, 31 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120729