https://www.taxtmi.com/caselaws?id=176134 The High Court of Gujarat upheld the Tribunal's decision to allow a bad debt claim of Rs. 42,38,439 by the assessee under the IT Act, 1961. Despite the Revenue's arguments that the debt was not bad due to debt recovery suits and changes in the company's activities, the Court found in favor of the assessee. Citing legal precedents and considering the company's multiple activities before ceasing ginning and pressing operations, the Court dismissed the appeal, emphasizing that the varied activities did not invalidate the bad debt claim. en-us Tue, 26 Oct 1999 00:00:00 +0530 Tue, 22 Nov 2016 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176134 The High Court of Gujarat upheld the Tribunal's decision to allow a bad debt claim of Rs. 42,38,439 by the assessee under the IT Act, 1961. Despite the Revenue's arguments that the debt was not bad due to debt recovery suits and changes in the company's activities, the Court found in favor of the assessee. Citing legal precedents and considering the company's multiple activities before ceasing ginning and pressing operations, the Court dismissed the appeal, emphasizing that the varied activities did not invalidate the bad debt claim. Case-Laws Income Tax Tue, 26 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176134