https://www.taxtmi.com/caselaws?id=395895 The Court upheld the assessee's right to write off bad debt as irrecoverable in the accounts under Section 36(1)(vii) of the Income Tax Act, following the precedent set in 'T.R.F LTD. VS. CIT'. However, the Court set aside the Tribunal's decision regarding the treatment of diminution in the value of investment as capital loss, remitting the matter for further assessment in line with the Supreme Court's ruling. The appeal was disposed of with both substantial questions of law addressed accordingly. en-us Tue, 09 Jun 2020 00:00:00 +0530 Sat, 29 Aug 2020 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395895 The Court upheld the assessee's right to write off bad debt as irrecoverable in the accounts under Section 36(1)(vii) of the Income Tax Act, following the precedent set in 'T.R.F LTD. VS. CIT'. However, the Court set aside the Tribunal's decision regarding the treatment of diminution in the value of investment as capital loss, remitting the matter for further assessment in line with the Supreme Court's ruling. The appeal was disposed of with both substantial questions of law addressed accordingly. Case-Laws Income Tax Tue, 09 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395895