https://www.taxtmi.com/caselaws?id=13113 The High Court ruled in favor of the assessee regarding the allowability of a bad debt deduction in the computation of income from business for the assessment year 1981-82. The Court emphasized the challenges faced by unsecured creditors in recovering dues when a company enters liquidation, supporting the claim that the debt can be considered bad. The Court also upheld the validity of the claim of bad debt write-off due to the debtor's liquidation, citing precedents where recovery for unsecured creditors was deemed impossible. The Court disposed of the reference, directing parties to act on the order. en-us Wed, 08 Aug 2001 00:00:00 +0530 Fri, 24 Apr 2015 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13113 The High Court ruled in favor of the assessee regarding the allowability of a bad debt deduction in the computation of income from business for the assessment year 1981-82. The Court emphasized the challenges faced by unsecured creditors in recovering dues when a company enters liquidation, supporting the claim that the debt can be considered bad. The Court also upheld the validity of the claim of bad debt write-off due to the debtor's liquidation, citing precedents where recovery for unsecured creditors was deemed impossible. The Court disposed of the reference, directing parties to act on the order. Case-Laws Income Tax Wed, 08 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13113