https://www.taxtmi.com/caselaws?id=221121 The High Court upheld the Tribunal's decision allowing the assessee, as a successor company, to claim bad debts originally owed by another company before amalgamation. The Court agreed that the debts remained the same after the transfer, permitting the assessee to deduct them under section 36(1)(vii) for taxable profits. The Court dismissed the Revenue's appeal, affirming the Tribunal's ruling that the assessee had the right to write off the bad debts, citing a Supreme Court precedent supporting the transfer of such rights in business transfers. en-us Tue, 10 Jan 2012 00:00:00 +0530 Sat, 23 Feb 2013 07:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221121 The High Court upheld the Tribunal's decision allowing the assessee, as a successor company, to claim bad debts originally owed by another company before amalgamation. The Court agreed that the debts remained the same after the transfer, permitting the assessee to deduct them under section 36(1)(vii) for taxable profits. The Court dismissed the Revenue's appeal, affirming the Tribunal's ruling that the assessee had the right to write off the bad debts, citing a Supreme Court precedent supporting the transfer of such rights in business transfers. Case-Laws Income Tax Tue, 10 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221121