https://www.taxtmi.com/caselaws?id=245451 The court upheld the decision to disallow the bad debts claim of Rs.25,00,000, emphasizing that losses from the sale of capital assets cannot be considered as bad debts. Additionally, the claim for writing off non-receipt of deposit of Rs.50,000 was also rejected as it did not meet the conditions under the IT Act. The court agreed that the losses were capital in nature and not allowable as bad debts or business losses. The appeal was dismissed, affirming the decisions of the Assessing Officer and Commissioner of Income Tax (Appeals) on both issues. en-us Thu, 27 Mar 2014 00:00:00 +0530 Sat, 29 Mar 2014 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245451 The court upheld the decision to disallow the bad debts claim of Rs.25,00,000, emphasizing that losses from the sale of capital assets cannot be considered as bad debts. Additionally, the claim for writing off non-receipt of deposit of Rs.50,000 was also rejected as it did not meet the conditions under the IT Act. The court agreed that the losses were capital in nature and not allowable as bad debts or business losses. The appeal was dismissed, affirming the decisions of the Assessing Officer and Commissioner of Income Tax (Appeals) on both issues. Case-Laws Income Tax Thu, 27 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245451