https://www.taxtmi.com/caselaws?id=212963 The High Court upheld the decision of the Income Tax Appellate Tribunal allowing the respondent-assessee's claim for bad debts written off under Section 36(1)(vii) of the Income Tax Act, amounting to 5.12 crores. The court found the claim to be bona fide, as the bad debts were related to trading transactions and efforts for recovery were made. The court determined that the conditions of Section 36(1)(vii) were met, dismissing the Revenue's argument of potential distortion in profit and loss accounts. The appeal was decided in favor of the assessee without costs. en-us Mon, 09 Apr 2012 00:00:00 +0530 Tue, 01 May 2012 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212963 The High Court upheld the decision of the Income Tax Appellate Tribunal allowing the respondent-assessee's claim for bad debts written off under Section 36(1)(vii) of the Income Tax Act, amounting to 5.12 crores. The court found the claim to be bona fide, as the bad debts were related to trading transactions and efforts for recovery were made. The court determined that the conditions of Section 36(1)(vii) were met, dismissing the Revenue's argument of potential distortion in profit and loss accounts. The appeal was decided in favor of the assessee without costs. Case-Laws Income Tax Mon, 09 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212963