https://www.taxtmi.com/caselaws?id=189515 The Tribunal dismissed the Revenue's appeals regarding the deletion of bad debts under section 36(1)(vii) of the Income Tax Act, emphasizing that write-off in accounts is sufficient without proving irrecoverability. Additionally, the disallowance of interest payments to specified persons under section 40A(2)(b) was rejected due to lack of evidence of excessiveness, aligning with previous decisions emphasizing mutual consent and business exigency for such payments. The Revenue's general grounds were deemed meritless, and the assessee's cross objections challenging assessment validity were withdrawn and dismissed. en-us Fri, 20 May 2011 00:00:00 +0530 Wed, 11 Jan 2017 16:41:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189515 The Tribunal dismissed the Revenue's appeals regarding the deletion of bad debts under section 36(1)(vii) of the Income Tax Act, emphasizing that write-off in accounts is sufficient without proving irrecoverability. Additionally, the disallowance of interest payments to specified persons under section 40A(2)(b) was rejected due to lack of evidence of excessiveness, aligning with previous decisions emphasizing mutual consent and business exigency for such payments. The Revenue's general grounds were deemed meritless, and the assessee's cross objections challenging assessment validity were withdrawn and dismissed. Case-Laws Income Tax Fri, 20 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189515