https://www.taxtmi.com/caselaws?id=247308 The Court dismissed the appeal, upholding the ITAT's decision to allow the claim of bad debts for the assessment year 2003-04. It held that the amount written off was incidental to the assessee's business activities, as providing loans to a company was part of its business operations. The Court emphasized that the revenue could not disallow the write-off based on the nature of the transaction, especially considering the past treatment of similar income as business income. en-us Mon, 21 Apr 2014 00:00:00 +0530 Thu, 08 May 2014 10:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247308 The Court dismissed the appeal, upholding the ITAT's decision to allow the claim of bad debts for the assessment year 2003-04. It held that the amount written off was incidental to the assessee's business activities, as providing loans to a company was part of its business operations. The Court emphasized that the revenue could not disallow the write-off based on the nature of the transaction, especially considering the past treatment of similar income as business income. Case-Laws Income Tax Mon, 21 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247308