https://www.taxtmi.com/caselaws?id=249683 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and dismissed the appeal filed by the Revenue. The Tribunal emphasized the commercial prudence of the assessee in determining the non-recoverability of bad debts, highlighting that legal actions taken against the debtor did not negate the write-off decision. The judgment underscores the significance of assessing the businessman's bona fide intention in declaring bad debts as non-recoverable, supporting the deletion of the addition made by the Assessing Officer under section 36(1)(viii). en-us Wed, 16 Jul 2014 00:00:00 +0530 Mon, 21 Jul 2014 07:32:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249683 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) and dismissed the appeal filed by the Revenue. The Tribunal emphasized the commercial prudence of the assessee in determining the non-recoverability of bad debts, highlighting that legal actions taken against the debtor did not negate the write-off decision. The judgment underscores the significance of assessing the businessman's bona fide intention in declaring bad debts as non-recoverable, supporting the deletion of the addition made by the Assessing Officer under section 36(1)(viii). Case-Laws Income Tax Wed, 16 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249683