https://www.taxtmi.com/caselaws?id=379471 The High Court upheld the ITAT's decision to treat a bad debt claim as a business loss under Section 37(1) of the Income Tax Act, 1961. The Court found that the disputed amount was part of the Assessee's business operations, aligning with the company's wide-ranging object clause related to real estate development and property dealings. The Court concluded that the loss incurred by the Assessee was a business loss, dismissing the Income Tax Appeal as no legal question arose from allowing the claim under Section 37(1). en-us Tue, 30 Apr 2019 00:00:00 +0530 Thu, 02 May 2019 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379471 The High Court upheld the ITAT's decision to treat a bad debt claim as a business loss under Section 37(1) of the Income Tax Act, 1961. The Court found that the disputed amount was part of the Assessee's business operations, aligning with the company's wide-ranging object clause related to real estate development and property dealings. The Court concluded that the loss incurred by the Assessee was a business loss, dismissing the Income Tax Appeal as no legal question arose from allowing the claim under Section 37(1). Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379471