https://www.taxtmi.com/caselaws?id=215746 The Income Tax Appeal was dismissed as the Tribunal ruled against the appellant on all issues. The disallowance of bad debt claimed by the assessee was upheld due to lack of recovery efforts and absence of a debtor-creditor relationship. The rejection of the amount claimed as due from an employee was supported by the failure to prove embezzlement and loss. Additionally, the interest paid to LIC and banks on loans was disallowed for lack of detailed verification and proper accounting. The judgment emphasized the necessity of evidence, relationship establishment, and procedural adherence in claiming deductions or losses under the Income Tax Act. en-us Tue, 07 Aug 2012 00:00:00 +0530 Thu, 16 Aug 2012 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215746 The Income Tax Appeal was dismissed as the Tribunal ruled against the appellant on all issues. The disallowance of bad debt claimed by the assessee was upheld due to lack of recovery efforts and absence of a debtor-creditor relationship. The rejection of the amount claimed as due from an employee was supported by the failure to prove embezzlement and loss. Additionally, the interest paid to LIC and banks on loans was disallowed for lack of detailed verification and proper accounting. The judgment emphasized the necessity of evidence, relationship establishment, and procedural adherence in claiming deductions or losses under the Income Tax Act. Case-Laws Income Tax Tue, 07 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215746