https://www.taxtmi.com/caselaws?id=20385 The court ruled in favor of the Revenue on the Cess Collection Dispute (Issue 2), stating that the amount collected by the assessee was a trading receipt. However, the court decided in favor of the assessee on the Bad Debt Claim (Issue 1) and the Business Loss vs. Speculation Loss (Issue 3). The court upheld the assessee's claim for a bad debt deduction under section 36(1)(vii) due to the debtor's non-payment and lack of response to notices. Additionally, the court determined that the payment debited to the accounts was a business loss, not a speculation loss as asserted by the Income-tax Officer. en-us Fri, 08 Oct 1993 00:00:00 +0530 Fri, 13 Nov 2009 16:03:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20385 The court ruled in favor of the Revenue on the Cess Collection Dispute (Issue 2), stating that the amount collected by the assessee was a trading receipt. However, the court decided in favor of the assessee on the Bad Debt Claim (Issue 1) and the Business Loss vs. Speculation Loss (Issue 3). The court upheld the assessee's claim for a bad debt deduction under section 36(1)(vii) due to the debtor's non-payment and lack of response to notices. Additionally, the court determined that the payment debited to the accounts was a business loss, not a speculation loss as asserted by the Income-tax Officer. Case-Laws Wealth-tax Fri, 08 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20385