https://www.taxtmi.com/caselaws?id=204054 The Income Tax Appellate Tribunal (ITAT) allowed the appeal of a partnership firm acting as a broker in the Bombay Stock Exchange for deduction of bad debts written off, emphasizing that post-April 1, 1989, it is sufficient if debts are written off as irrecoverable in the accounts. The ITAT clarified that it is not necessary to establish irrecoverability. Regarding the allowability of business loss, the ITAT directed the Assessing Officer to verify specific aspects related to the quantification of bad debts written off, remanding the issue for further examination. en-us Wed, 22 Sep 2010 00:00:00 +0530 Fri, 20 May 2011 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204054 The Income Tax Appellate Tribunal (ITAT) allowed the appeal of a partnership firm acting as a broker in the Bombay Stock Exchange for deduction of bad debts written off, emphasizing that post-April 1, 1989, it is sufficient if debts are written off as irrecoverable in the accounts. The ITAT clarified that it is not necessary to establish irrecoverability. Regarding the allowability of business loss, the ITAT directed the Assessing Officer to verify specific aspects related to the quantification of bad debts written off, remanding the issue for further examination. Case-Laws Income Tax Wed, 22 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204054