https://www.taxtmi.com/caselaws?id=220919 An irrecoverable exhibition-related payment made in the ordinary course of business was not deductible as a bad debt under the cash system, but it qualified as a business loss because it arose from an actual business transaction and became unrecoverable due to the principal's financial distress. Where the assessee disputed the stamp valuation under section 50C and supported the objection with an approved valuer's report, the Assessing Officer was required to follow the statutory mechanism and refer the matter for valuation before adopting the stamp value. Sale proceeds of a flat supported by a sale agreement could not be treated as unexplained cash credit under section 68 because the receipt was traceable to an identified property transaction. en-us Fri, 07 Sep 2012 00:00:00 +0530 Thu, 14 Feb 2013 06:13:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220919 An irrecoverable exhibition-related payment made in the ordinary course of business was not deductible as a bad debt under the cash system, but it qualified as a business loss because it arose from an actual business transaction and became unrecoverable due to the principal's financial distress. Where the assessee disputed the stamp valuation under section 50C and supported the objection with an approved valuer's report, the Assessing Officer was required to follow the statutory mechanism and refer the matter for valuation before adopting the stamp value. Sale proceeds of a flat supported by a sale agreement could not be treated as unexplained cash credit under section 68 because the receipt was traceable to an identified property transaction. Case-Laws Income Tax Fri, 07 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220919