https://www.taxtmi.com/caselaws?id=225141 The appeal by the revenue challenging the disallowance of bad debts written off by the assessee for the assessment year 2007-08 was dismissed. The Commissioner of Income Tax (Appeals) allowed the write-off based on precedent, stating that debts acquired from the holding company could be treated similarly in the hands of the successor. The Supreme Court's ruling emphasized that the successor should have the same rights as the original owner regarding bad debts, leading to the allowance of the write-off. The High Court upheld the decision, noting that no substantial question of law arose for consideration. en-us Tue, 09 Apr 2013 00:00:00 +0530 Mon, 01 Jul 2013 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=225141 The appeal by the revenue challenging the disallowance of bad debts written off by the assessee for the assessment year 2007-08 was dismissed. The Commissioner of Income Tax (Appeals) allowed the write-off based on precedent, stating that debts acquired from the holding company could be treated similarly in the hands of the successor. The Supreme Court's ruling emphasized that the successor should have the same rights as the original owner regarding bad debts, leading to the allowance of the write-off. The High Court upheld the decision, noting that no substantial question of law arose for consideration. Case-Laws Income Tax Tue, 09 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=225141