https://www.taxtmi.com/caselaws?id=238379 The Tribunal ruled in favor of the stockbroker, overturning the disallowance of the claimed business loss for write off of debts owed by clients. The Tribunal emphasized that the write off of bad debts in the accounts was sufficient for claiming a deduction under section 36(1)(vii) of the Income Tax Act, unless proven otherwise. It found the Revenue's objections unsubstantiated and criticized the lower authority for not considering the material on record. Consequently, the Tribunal allowed the appeal, setting aside the disallowance of the claimed business loss. en-us Fri, 11 Oct 2013 00:00:00 +0530 Tue, 22 Oct 2013 06:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238379 The Tribunal ruled in favor of the stockbroker, overturning the disallowance of the claimed business loss for write off of debts owed by clients. The Tribunal emphasized that the write off of bad debts in the accounts was sufficient for claiming a deduction under section 36(1)(vii) of the Income Tax Act, unless proven otherwise. It found the Revenue's objections unsubstantiated and criticized the lower authority for not considering the material on record. Consequently, the Tribunal allowed the appeal, setting aside the disallowance of the claimed business loss. Case-Laws Income Tax Fri, 11 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238379