https://www.taxtmi.com/caselaws?id=287623 The appeal challenging the disallowance of Bad Debts written off was dismissed by the Tribunal, affirming that bad debts can only be written off in connection with income from business and profession, not capital gain. However, the Tribunal agreed to consider the loss as a capital loss instead of bad debts or business loss, remitting the issue to the Assessing Officer for further examination. The appeal was allowed for statistical purposes, indicating a need for reassessment regarding the treatment of the loss as a capital loss. en-us Fri, 18 Jan 2019 00:00:00 +0530 Thu, 23 Apr 2020 10:19:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287623 The appeal challenging the disallowance of Bad Debts written off was dismissed by the Tribunal, affirming that bad debts can only be written off in connection with income from business and profession, not capital gain. However, the Tribunal agreed to consider the loss as a capital loss instead of bad debts or business loss, remitting the issue to the Assessing Officer for further examination. The appeal was allowed for statistical purposes, indicating a need for reassessment regarding the treatment of the loss as a capital loss. Case-Laws Income Tax Fri, 18 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287623