https://www.taxtmi.com/caselaws?id=13445 The court ruled in favor of the assessee in Income-tax Appeal Nos. 25 and 26 of 2000, allowing write-off of debts post-amalgamation under section 36(1)(vii) of the Income-tax Act and upholding deduction for corporate guarantee payments. Legal expenses related to invoking guarantees were deemed legitimate business expenditures. The court did not address the valuation of assets and bad debt allowance in Income-tax Appeal No. 24 of 2000, as the assessee had accepted the restricted allowance. The Department retained the right to initiate fresh proceedings if needed, with no costs awarded. en-us Thu, 25 Jan 2007 00:00:00 +0530 Fri, 29 May 2009 10:14:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13445 The court ruled in favor of the assessee in Income-tax Appeal Nos. 25 and 26 of 2000, allowing write-off of debts post-amalgamation under section 36(1)(vii) of the Income-tax Act and upholding deduction for corporate guarantee payments. Legal expenses related to invoking guarantees were deemed legitimate business expenditures. The court did not address the valuation of assets and bad debt allowance in Income-tax Appeal No. 24 of 2000, as the assessee had accepted the restricted allowance. The Department retained the right to initiate fresh proceedings if needed, with no costs awarded. Case-Laws Income Tax Thu, 25 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13445