https://www.taxtmi.com/caselaws?id=14616 The High Court of Madras affirmed the decision of the Appellate Tribunal, holding that the amounts claimed as bad debts by the assessee, related to advances made to certain parties, were not deductible as business debts. The court found evidence indicating that the funds were diverted for personal benefit rather than business purposes, leading to the conclusion that the amounts did not qualify as business debts. Consequently, the court upheld the addition of the disputed amount to the assessee's income, ruling against the assessee and denying the deduction claimed. en-us Tue, 25 Nov 1997 00:00:00 +0530 Fri, 17 Jul 2009 15:49:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14616 The High Court of Madras affirmed the decision of the Appellate Tribunal, holding that the amounts claimed as bad debts by the assessee, related to advances made to certain parties, were not deductible as business debts. The court found evidence indicating that the funds were diverted for personal benefit rather than business purposes, leading to the conclusion that the amounts did not qualify as business debts. Consequently, the court upheld the addition of the disputed amount to the assessee's income, ruling against the assessee and denying the deduction claimed. Case-Laws Income Tax Tue, 25 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14616