https://www.taxtmi.com/caselaws?id=387738 The Tribunal ruled in favor of the appellant, overturning the disallowances made by the AO and CIT(A). It allowed the claim of bad debt/trading loss as a genuine trading loss, emphasizing the importance of the year of discovery for deduction. Additionally, it directed the AO to delete the disallowance under section 36(1)(ii), finding the assumption of profit/dividend distribution incorrect. The Tribunal's decision underscored the necessity of accurate interpretation of tax provisions in assessing allowable deductions. en-us Thu, 25 Jul 2019 00:00:00 +0530 Fri, 08 Nov 2024 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387738 The Tribunal ruled in favor of the appellant, overturning the disallowances made by the AO and CIT(A). It allowed the claim of bad debt/trading loss as a genuine trading loss, emphasizing the importance of the year of discovery for deduction. Additionally, it directed the AO to delete the disallowance under section 36(1)(ii), finding the assumption of profit/dividend distribution incorrect. The Tribunal's decision underscored the necessity of accurate interpretation of tax provisions in assessing allowable deductions. Case-Laws Income Tax Thu, 25 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387738