https://www.taxtmi.com/caselaws?id=189023 The Court allowed the non-resident banking company's claim for bad debts on loans to two companies for the assessment year 1979-80. Despite legal proceedings and obtained decrees, the Court emphasized the assessee's genuine belief in the irrecoverability of the debts based on investigation reports showing the debtors' financial state. The Court ruled in favor of the assessee, highlighting the importance of honest judgment and factual context over legal actions, allowing the bad debt claims and rejecting the revenue's arguments. en-us Wed, 04 Aug 1993 00:00:00 +0530 Sat, 24 Dec 2016 12:43:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189023 The Court allowed the non-resident banking company's claim for bad debts on loans to two companies for the assessment year 1979-80. Despite legal proceedings and obtained decrees, the Court emphasized the assessee's genuine belief in the irrecoverability of the debts based on investigation reports showing the debtors' financial state. The Court ruled in favor of the assessee, highlighting the importance of honest judgment and factual context over legal actions, allowing the bad debt claims and rejecting the revenue's arguments. Case-Laws Income Tax Wed, 04 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189023