https://www.taxtmi.com/caselaws?id=235749 The High Court upheld the Tribunal's decision in favor of the assessee, allowing the write-off of Rs.39 lacs as bad debt in the books of account under Section 36 of the Income Tax Act. The Court emphasized the history of the assessee's money lending business, the debtor-creditor relationship with banking companies, and the impossibility of recovery due to company closures. Relying on legal precedents and the 1989 amendment simplifying bad debt deductions, the Court affirmed that the assessee's judgment on irrecoverability suffices for claiming the write-off without requiring additional proof or legal proceedings. en-us Wed, 31 Jul 2013 00:00:00 +0530 Fri, 02 Aug 2013 06:22:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235749 The High Court upheld the Tribunal's decision in favor of the assessee, allowing the write-off of Rs.39 lacs as bad debt in the books of account under Section 36 of the Income Tax Act. The Court emphasized the history of the assessee's money lending business, the debtor-creditor relationship with banking companies, and the impossibility of recovery due to company closures. Relying on legal precedents and the 1989 amendment simplifying bad debt deductions, the Court affirmed that the assessee's judgment on irrecoverability suffices for claiming the write-off without requiring additional proof or legal proceedings. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235749