https://www.taxtmi.com/caselaws?id=341754 The Tribunal partially allowed the revenue's appeal, setting aside the CIT (A)'s decision on the bad debt claim of Rs. One crore for further review. The Tribunal emphasized the need to examine the claim in light of the provisions of Section 28 of the Income Tax Act regarding business losses and directed the issue back to the CIT (A) for fresh consideration. The decision highlighted the importance of meeting statutory provisions and considering the nature of the transaction in determining the deductibility of such claims under the Income Tax Act. en-us Mon, 10 Apr 2017 00:00:00 +0530 Mon, 17 Apr 2017 08:50:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341754 The Tribunal partially allowed the revenue's appeal, setting aside the CIT (A)'s decision on the bad debt claim of Rs. One crore for further review. The Tribunal emphasized the need to examine the claim in light of the provisions of Section 28 of the Income Tax Act regarding business losses and directed the issue back to the CIT (A) for fresh consideration. The decision highlighted the importance of meeting statutory provisions and considering the nature of the transaction in determining the deductibility of such claims under the Income Tax Act. Case-Laws Income Tax Mon, 10 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341754