https://www.taxtmi.com/caselaws?id=207181 The court ruled in favor of the assessee, stating that the authorities were not justified in disallowing the bad debt claim under section 36(1)(vii) read with section 36(2) of the Income-tax Act. The court emphasized that for money-lending businesses, it is sufficient to demonstrate that the debt was advanced in the ordinary course of business, without the requirement for it to be shown as income before qualifying for a bad debt claim. The appeal of the assessee was allowed, and the additional plea for allowing the deduction as a business loss under section 37 was deemed unnecessary for consideration. en-us Fri, 03 Jun 2011 00:00:00 +0530 Wed, 23 Dec 2015 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207181 The court ruled in favor of the assessee, stating that the authorities were not justified in disallowing the bad debt claim under section 36(1)(vii) read with section 36(2) of the Income-tax Act. The court emphasized that for money-lending businesses, it is sufficient to demonstrate that the debt was advanced in the ordinary course of business, without the requirement for it to be shown as income before qualifying for a bad debt claim. The appeal of the assessee was allowed, and the additional plea for allowing the deduction as a business loss under section 37 was deemed unnecessary for consideration. Case-Laws Income Tax Fri, 03 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207181