https://www.taxtmi.com/caselaws?id=176905 Write-off of a debt as irrecoverable in the accounts satisfied section 36(1)(vii), and proof of actual irrecoverability was not required after the statutory amendment, so the bad debt claim was allowed. Labour charges were supported by bills, audit records, cheque payments, TDS details and a plausible business explanation, so the disallowance was deleted. Gains from cancellation of foreign exchange forward contracts linked to import-export activity were held to be business income, not speculative income, because section 43(5) did not apply to business-related foreign exchange arrangements. Foreign travel expenditure remained partly disallowed because the assessee did not satisfactorily explain the use of foreign exchange, and that adverse finding was sustained. en-us Fri, 11 Jun 2010 00:00:00 +0530 Thu, 31 Dec 2015 10:37:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176905 Write-off of a debt as irrecoverable in the accounts satisfied section 36(1)(vii), and proof of actual irrecoverability was not required after the statutory amendment, so the bad debt claim was allowed. Labour charges were supported by bills, audit records, cheque payments, TDS details and a plausible business explanation, so the disallowance was deleted. Gains from cancellation of foreign exchange forward contracts linked to import-export activity were held to be business income, not speculative income, because section 43(5) did not apply to business-related foreign exchange arrangements. Foreign travel expenditure remained partly disallowed because the assessee did not satisfactorily explain the use of foreign exchange, and that adverse finding was sustained. Case-Laws Income Tax Fri, 11 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176905