https://www.taxtmi.com/caselaws?id=13237 The High Court upheld the Tribunal's decision in favor of the government-owned limited company, allowing the deduction of bad debts due from debtor companies. The Court agreed that the debts were irrecoverable based on the financial positions of the debtors, supporting the assessee's entitlement to the deduction under the Income-tax Act. The Court rejected the Revenue's argument that the debts had not been proven bad in the relevant year, emphasizing the Tribunal's role as the final fact-finding authority. The appeal lacked merit, and all issues were resolved in favor of the assessee against the Revenue. en-us Mon, 27 Feb 2006 00:00:00 +0530 Wed, 27 May 2009 15:02:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13237 The High Court upheld the Tribunal's decision in favor of the government-owned limited company, allowing the deduction of bad debts due from debtor companies. The Court agreed that the debts were irrecoverable based on the financial positions of the debtors, supporting the assessee's entitlement to the deduction under the Income-tax Act. The Court rejected the Revenue's argument that the debts had not been proven bad in the relevant year, emphasizing the Tribunal's role as the final fact-finding authority. The appeal lacked merit, and all issues were resolved in favor of the assessee against the Revenue. Case-Laws Income Tax Mon, 27 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13237