https://www.taxtmi.com/caselaws?id=177636 The Tribunal upheld the deletion of the addition of bad debts based on the Supreme Court decision in TRF Ltd. vs. CIT, emphasizing that it is sufficient if bad debts are written off as irrecoverable in the accounts. Additionally, the Tribunal upheld the deletion of the disallowance of excessive interest payments under section 40A(2)(b), noting that the interest paid was reasonable and had decreased from previous years. The borrowing from related parties was for long-term purposes without security, justifying the higher interest rate. The Tribunal found no justification for the AO's disallowance and upheld the CIT(A)'s decision. en-us Fri, 18 Nov 2011 00:00:00 +0530 Thu, 14 Jan 2016 11:31:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177636 The Tribunal upheld the deletion of the addition of bad debts based on the Supreme Court decision in TRF Ltd. vs. CIT, emphasizing that it is sufficient if bad debts are written off as irrecoverable in the accounts. Additionally, the Tribunal upheld the deletion of the disallowance of excessive interest payments under section 40A(2)(b), noting that the interest paid was reasonable and had decreased from previous years. The borrowing from related parties was for long-term purposes without security, justifying the higher interest rate. The Tribunal found no justification for the AO's disallowance and upheld the CIT(A)'s decision. Case-Laws Income Tax Fri, 18 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177636