https://www.taxtmi.com/caselaws?id=19371 The court ruled in favor of the assessee, allowing the deduction of a bad debt under section 36(2)(i) of the Income-tax Act, 1961. It held that the amounts written off as bad debts, including those in the "general reserve," were eligible for deduction as they had become irrecoverable during the relevant previous year. The court emphasized that the substance of the transaction should prevail over its form, rejecting the Revenue's argument that the general reserve amount could not be claimed as a deduction. The decision upheld the Tribunal's ruling in favor of the assessee against the Revenue. en-us Tue, 13 Dec 1994 00:00:00 +0530 Thu, 05 Nov 2009 17:00:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19371 The court ruled in favor of the assessee, allowing the deduction of a bad debt under section 36(2)(i) of the Income-tax Act, 1961. It held that the amounts written off as bad debts, including those in the "general reserve," were eligible for deduction as they had become irrecoverable during the relevant previous year. The court emphasized that the substance of the transaction should prevail over its form, rejecting the Revenue's argument that the general reserve amount could not be claimed as a deduction. The decision upheld the Tribunal's ruling in favor of the assessee against the Revenue. Case-Laws Income Tax Tue, 13 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19371