https://www.taxtmi.com/caselaws?id=273140 The High Court overturned the Tribunal's decision and ruled in favor of the assessee, allowing the claim to adjust the debt against income for the assessment year 1949-50. The Court found that the Tribunal's conclusion that the debt had become irrecoverable before the relevant accounting year lacked sufficient evidentiary support, emphasizing the need for concrete evidence indicating the absence of any hope for recovery before deeming a debt irrecoverable. The Court highlighted the importance of substantiated material in determining irrecoverability and held that the assessee was entitled to adjust the debt against income. en-us Thu, 08 Aug 1963 00:00:00 +0530 Fri, 08 Jun 2018 10:05:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273140 The High Court overturned the Tribunal's decision and ruled in favor of the assessee, allowing the claim to adjust the debt against income for the assessment year 1949-50. The Court found that the Tribunal's conclusion that the debt had become irrecoverable before the relevant accounting year lacked sufficient evidentiary support, emphasizing the need for concrete evidence indicating the absence of any hope for recovery before deeming a debt irrecoverable. The Court highlighted the importance of substantiated material in determining irrecoverability and held that the assessee was entitled to adjust the debt against income. Case-Laws Income Tax Thu, 08 Aug 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273140