https://www.taxtmi.com/caselaws?id=216247 The High Court upheld the Tribunal's decision in favor of the assessee regarding the claim of bad debts under Section 36 of the Income Tax Act, 1961. The Court emphasized that post-1989, proving the irrecoverability of the debt is not necessary, and the write-off in the accounts suffices. The matter was remitted to the Assessing Officer for further consideration. Additionally, the Court dismissed the Revenue's appeal concerning the claim of 100% depreciation on assets installed at Kalyani Seamless Tubes Limited, affirming the Tribunal's ruling that the transactions were genuine based on the evidence presented. en-us Fri, 03 Aug 2012 00:00:00 +0530 Fri, 31 Aug 2012 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216247 The High Court upheld the Tribunal's decision in favor of the assessee regarding the claim of bad debts under Section 36 of the Income Tax Act, 1961. The Court emphasized that post-1989, proving the irrecoverability of the debt is not necessary, and the write-off in the accounts suffices. The matter was remitted to the Assessing Officer for further consideration. Additionally, the Court dismissed the Revenue's appeal concerning the claim of 100% depreciation on assets installed at Kalyani Seamless Tubes Limited, affirming the Tribunal's ruling that the transactions were genuine based on the evidence presented. Case-Laws Income Tax Fri, 03 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216247