https://www.taxtmi.com/caselaws?id=216997 The Supreme Court allowed the civil appeal, granting the State Public Sector Undertaking the claim for deduction of bad debt under Section 36(1)(vii) read with Section 36(2)(i)(b) of the Income Tax Act for Assessment Year 1988-1989. The Court emphasized the appellant's role as the promoter of the debtor company, highlighting commercial considerations and past legal interpretations to support its decision. Despite lower courts' focus on the failure to initiate recovery proceedings, the Supreme Court found that both conditions for claiming the deduction were satisfied, ultimately ruling in favor of the appellant. en-us Tue, 18 Sep 2012 00:00:00 +0530 Tue, 02 Jul 2013 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216997 The Supreme Court allowed the civil appeal, granting the State Public Sector Undertaking the claim for deduction of bad debt under Section 36(1)(vii) read with Section 36(2)(i)(b) of the Income Tax Act for Assessment Year 1988-1989. The Court emphasized the appellant's role as the promoter of the debtor company, highlighting commercial considerations and past legal interpretations to support its decision. Despite lower courts' focus on the failure to initiate recovery proceedings, the Supreme Court found that both conditions for claiming the deduction were satisfied, ultimately ruling in favor of the appellant. Case-Laws Income Tax Tue, 18 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216997