https://www.taxtmi.com/caselaws?id=390024 The Tribunal allowed the appeal filed by the assessee and directed the AO to delete the disallowance of Rs. 30,66,21,626/- in respect of bad debts. The Tribunal found the transactions with Reliance entities to be genuine, as the revenue from these transactions was accepted by the Revenue authorities. It disagreed with the CIT(A)'s conclusion that the transactions were sham and emphasized that writing off debts as irrecoverable in the accounts is sufficient for claiming bad debts under Section 36(1)(vii) of the Income Tax Act. en-us Tue, 17 Dec 2019 00:00:00 +0530 Sun, 22 Dec 2019 07:40:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390024 The Tribunal allowed the appeal filed by the assessee and directed the AO to delete the disallowance of Rs. 30,66,21,626/- in respect of bad debts. The Tribunal found the transactions with Reliance entities to be genuine, as the revenue from these transactions was accepted by the Revenue authorities. It disagreed with the CIT(A)'s conclusion that the transactions were sham and emphasized that writing off debts as irrecoverable in the accounts is sufficient for claiming bad debts under Section 36(1)(vii) of the Income Tax Act. Case-Laws Income Tax Tue, 17 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390024