https://www.taxtmi.com/caselaws?id=9237 The High Court held that the remission of Rs. 1,00,000 was not a bad debt but a payment for acquiring lease rights in future film productions. The Court determined that the remission was part of a business deal granting the assessee new rights to exploit films in specific districts. It rejected the argument that the remission constituted irrecoverable debt, emphasizing it was consideration for valuable lease rights. The Court ruled against the assessee, affirming that the remission did not qualify as a bad debt or trading loss, and awarded costs to the revenue. en-us Tue, 18 Jun 1974 00:00:00 +0530 Sat, 20 Jun 2009 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9237 The High Court held that the remission of Rs. 1,00,000 was not a bad debt but a payment for acquiring lease rights in future film productions. The Court determined that the remission was part of a business deal granting the assessee new rights to exploit films in specific districts. It rejected the argument that the remission constituted irrecoverable debt, emphasizing it was consideration for valuable lease rights. The Court ruled against the assessee, affirming that the remission did not qualify as a bad debt or trading loss, and awarded costs to the revenue. Case-Laws Income Tax Tue, 18 Jun 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9237