https://www.taxtmi.com/caselaws?id=14745 A bad debt deduction under section 36(1)(vii) is not available merely because management of a textile undertaking has been taken over under the Textile Undertakings (Taking Over of Management) Ordinance, 1983. The Ordinance was treated as transferring management only, not extinguishing the company's liability or barring recovery proceedings against it. As the debtor's obligation continued to subsist, the assessee remained entitled to pursue recovery and could seek bad debt relief only if recovery ultimately failed. On that basis, the claim was held premature on the facts, and the Tribunal's view that the Commissioner of Income-tax (Appeals) had wrongly granted relief was sustained. en-us Thu, 09 Dec 1999 00:00:00 +0530 Sat, 18 Jul 2009 13:21:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14745 A bad debt deduction under section 36(1)(vii) is not available merely because management of a textile undertaking has been taken over under the Textile Undertakings (Taking Over of Management) Ordinance, 1983. The Ordinance was treated as transferring management only, not extinguishing the company's liability or barring recovery proceedings against it. As the debtor's obligation continued to subsist, the assessee remained entitled to pursue recovery and could seek bad debt relief only if recovery ultimately failed. On that basis, the claim was held premature on the facts, and the Tribunal's view that the Commissioner of Income-tax (Appeals) had wrongly granted relief was sustained. Case-Laws Income Tax Thu, 09 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14745