https://www.taxtmi.com/caselaws?id=219701 The Tribunal allowed the appeals filed by both the Revenue and the assessee for statistical purposes, remitting the issues regarding advances written off and liabilities written back to the Assessing Officer for further verification and reconsideration. The primary issue revolved around determining the nature of the assessee's business to ascertain the eligibility of the advances as bad debts under section 36(1)(vii) read with section 36(2). The Tribunal directed the AO to allow the advances written off as bad debts if they were for money lending or trading purposes and met the conditions under section 36(2). en-us Tue, 12 Jun 2012 00:00:00 +0530 Tue, 18 Dec 2012 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219701 The Tribunal allowed the appeals filed by both the Revenue and the assessee for statistical purposes, remitting the issues regarding advances written off and liabilities written back to the Assessing Officer for further verification and reconsideration. The primary issue revolved around determining the nature of the assessee's business to ascertain the eligibility of the advances as bad debts under section 36(1)(vii) read with section 36(2). The Tribunal directed the AO to allow the advances written off as bad debts if they were for money lending or trading purposes and met the conditions under section 36(2). Case-Laws Income Tax Tue, 12 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219701