https://www.taxtmi.com/caselaws?id=284969 The High Court of Bombay dismissed the appeal challenging the denial of deduction for bonds and debentures under section 36 of the Income Tax Act, 1961. The court found that the claim was made to avoid tax liability on taxable profits through questionable dealings with related entities. The court concluded that the claim of bad debts was not genuine and was merely an attempt to reduce taxable profits. As a result, the court held that no substantial questions of law arose in the case, and the appeal was dismissed for lack of merit. en-us Wed, 05 Mar 2014 00:00:00 +0530 Thu, 19 Dec 2019 10:02:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284969 The High Court of Bombay dismissed the appeal challenging the denial of deduction for bonds and debentures under section 36 of the Income Tax Act, 1961. The court found that the claim was made to avoid tax liability on taxable profits through questionable dealings with related entities. The court concluded that the claim of bad debts was not genuine and was merely an attempt to reduce taxable profits. As a result, the court held that no substantial questions of law arose in the case, and the appeal was dismissed for lack of merit. Case-Laws Income Tax Wed, 05 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284969