https://www.taxtmi.com/caselaws?id=253358 The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal, deleting the addition of Rs. 54,99,965/- made by the Assessing Officer (AO). The ITAT concluded that the loans were advanced in the regular course of business and should be treated as revenue in nature, allowing the bad debts written off as deductions under Section 36(1)(vii) of the Income Tax Act. The ITAT emphasized that loans to sister concerns by a registered NBFC cannot be deemed investments solely based on their relationship, and the AO lacked authority to decide on RBI guideline violations. en-us Wed, 13 Aug 2014 00:00:00 +0530 Sat, 22 Nov 2014 08:27:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253358 The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal, deleting the addition of Rs. 54,99,965/- made by the Assessing Officer (AO). The ITAT concluded that the loans were advanced in the regular course of business and should be treated as revenue in nature, allowing the bad debts written off as deductions under Section 36(1)(vii) of the Income Tax Act. The ITAT emphasized that loans to sister concerns by a registered NBFC cannot be deemed investments solely based on their relationship, and the AO lacked authority to decide on RBI guideline violations. Case-Laws Income Tax Wed, 13 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253358