https://www.taxtmi.com/caselaws?id=151630 The Tribunal allowed the appeal of the assessee, engaged in share broking, regarding the disallowance of bad debts claimed in the assessment year 2001-02. The Tribunal considered the debt write-off as a business loss under relevant sections of the Income-tax Act, emphasizing that the loss was incidental to share broking activities and occurred in the normal course of business. The Tribunal distinguished between bad debts and business loss, holding that the amount written off due to clients' failure to pay for shares is allowable as a business loss. en-us Fri, 18 Dec 2009 00:00:00 +0530 Sat, 08 Jun 2013 12:01:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151630 The Tribunal allowed the appeal of the assessee, engaged in share broking, regarding the disallowance of bad debts claimed in the assessment year 2001-02. The Tribunal considered the debt write-off as a business loss under relevant sections of the Income-tax Act, emphasizing that the loss was incidental to share broking activities and occurred in the normal course of business. The Tribunal distinguished between bad debts and business loss, holding that the amount written off due to clients' failure to pay for shares is allowable as a business loss. Case-Laws Income Tax Fri, 18 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151630