https://www.taxtmi.com/caselaws?id=215647 The tribunal allowed the appeal filed by the assessee, determining that the loan amount given in the ordinary course of business should be allowed as a bad debt under section 36(2) of the Act. The tribunal also found the assessment order passed under section 147 to be legally flawed and canceled it due to the absence of tangible material demonstrating that income had escaped assessment. en-us Fri, 22 Jun 2012 00:00:00 +0530 Thu, 09 Aug 2012 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215647 The tribunal allowed the appeal filed by the assessee, determining that the loan amount given in the ordinary course of business should be allowed as a bad debt under section 36(2) of the Act. The tribunal also found the assessment order passed under section 147 to be legally flawed and canceled it due to the absence of tangible material demonstrating that income had escaped assessment. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215647