https://www.taxtmi.com/caselaws?id=187322 The Tribunal partly allowed the Revenue's appeal, upholding the AO's decision on the gross profit difference but rejecting the Revenue's contentions on bad debts and waived loan treated as a capital receipt. The Tribunal referenced legal precedents and held that the bad debt claim was valid under section 36 and that the waived loan did not fall under section 41(1) as the liability was not previously allowed as a deduction. The decision was pronounced on 30/9/10. en-us Thu, 30 Sep 2010 00:00:00 +0530 Tue, 18 Oct 2016 12:49:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187322 The Tribunal partly allowed the Revenue's appeal, upholding the AO's decision on the gross profit difference but rejecting the Revenue's contentions on bad debts and waived loan treated as a capital receipt. The Tribunal referenced legal precedents and held that the bad debt claim was valid under section 36 and that the waived loan did not fall under section 41(1) as the liability was not previously allowed as a deduction. The decision was pronounced on 30/9/10. Case-Laws Income Tax Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187322