https://www.taxtmi.com/caselaws?id=247421 The Tribunal upheld the Assessee's claim of bad debts amounting to Rs. 15,85,238, dismissing the Revenue's appeal. The Tribunal found the bad debts were justified as trading debts arising from share transactions, allowing the claim under Section 36(1)(vii) and Section 36(2) of the Income Tax Act, 1961. Relying on legal precedents, the Tribunal concluded that the Assessee was entitled to the claim, emphasizing the distinction from previous decisions cited by the Revenue. Both the Revenue's appeal and the Assessee's cross-objection were dismissed based on the decisions of the Special Bench and the Delhi High Court. en-us Tue, 29 Apr 2014 00:00:00 +0530 Mon, 12 May 2014 10:04:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247421 The Tribunal upheld the Assessee's claim of bad debts amounting to Rs. 15,85,238, dismissing the Revenue's appeal. The Tribunal found the bad debts were justified as trading debts arising from share transactions, allowing the claim under Section 36(1)(vii) and Section 36(2) of the Income Tax Act, 1961. Relying on legal precedents, the Tribunal concluded that the Assessee was entitled to the claim, emphasizing the distinction from previous decisions cited by the Revenue. Both the Revenue's appeal and the Assessee's cross-objection were dismissed based on the decisions of the Special Bench and the Delhi High Court. Case-Laws Income Tax Tue, 29 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247421