https://www.taxtmi.com/caselaws?id=335526 The Tribunal upheld the disallowance of bad debts written off by an Industrial Investment Bank for the Assessment Year 2009-10, amounting to Rs. 51,95,96,000. The Tribunal found that allowing the deduction would result in a double benefit for the assessee as they had already claimed a deduction for provisions made in a previous year. Therefore, the appeal was dismissed, and the lower authorities' orders were upheld, justifying the disallowance to prevent a double deduction. en-us Wed, 28 Sep 2016 00:00:00 +0530 Sat, 03 Dec 2016 08:38:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335526 The Tribunal upheld the disallowance of bad debts written off by an Industrial Investment Bank for the Assessment Year 2009-10, amounting to Rs. 51,95,96,000. The Tribunal found that allowing the deduction would result in a double benefit for the assessee as they had already claimed a deduction for provisions made in a previous year. Therefore, the appeal was dismissed, and the lower authorities' orders were upheld, justifying the disallowance to prevent a double deduction. Case-Laws Income Tax Wed, 28 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335526