https://www.taxtmi.com/caselaws?id=19961 The High Court of CALCUTTA addressed the interpretation of section 36 of the Income-tax Act, 1961, regarding the deduction for bad debts. The Tribunal allowed a deduction of Rs. 1.21 crores as a bad debt, supported by evidence of irrecoverability. The Court clarified that business loss cannot be allowed piecemeal and upheld the disallowance of business loss while allowing the bad debt deduction. Emphasizing the importance of establishing irrecoverability for bad debt claims, the Court upheld the Tribunal's decision, finding no grounds for interference and ruling in favor of the assessee against the Revenue. en-us Fri, 20 Aug 1993 00:00:00 +0530 Tue, 10 Nov 2009 18:14:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19961 The High Court of CALCUTTA addressed the interpretation of section 36 of the Income-tax Act, 1961, regarding the deduction for bad debts. The Tribunal allowed a deduction of Rs. 1.21 crores as a bad debt, supported by evidence of irrecoverability. The Court clarified that business loss cannot be allowed piecemeal and upheld the disallowance of business loss while allowing the bad debt deduction. Emphasizing the importance of establishing irrecoverability for bad debt claims, the Court upheld the Tribunal's decision, finding no grounds for interference and ruling in favor of the assessee against the Revenue. Case-Laws Income Tax Fri, 20 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19961