https://www.taxtmi.com/caselaws?id=201950 The High Court upheld the Tribunal's decision, ruling against the assessee and in favor of the Revenue. The Court found no basis for allowing deduction for bad debt or business loss under sections 28 and 36 respectively, concerning the amount added as income under section 69. The judgment emphasized the lack of evidence demonstrating a business link with the recipient or the bad debt status of the drafts. Consequently, the appeal was dismissed, affirming the denial of the deduction. en-us Wed, 25 Aug 2010 00:00:00 +0530 Thu, 27 Dec 2012 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201950 The High Court upheld the Tribunal's decision, ruling against the assessee and in favor of the Revenue. The Court found no basis for allowing deduction for bad debt or business loss under sections 28 and 36 respectively, concerning the amount added as income under section 69. The judgment emphasized the lack of evidence demonstrating a business link with the recipient or the bad debt status of the drafts. Consequently, the appeal was dismissed, affirming the denial of the deduction. Case-Laws Income Tax Wed, 25 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201950