https://www.taxtmi.com/caselaws?id=399385 The Tribunal upheld the CIT(A)'s decision to allow the write-off of Rs. 5,17,76,297/- as a business loss, dismissing the revenue's appeal. The Tribunal found that the ICD was advanced in the ordinary course of business, and the interest income was previously taxed. The Tribunal considered the legal actions taken to recover the debt and settled for a lesser amount, supporting the write-off as a business loss. The decision aligned with precedent cases allowing such write-offs under similar circumstances. en-us Tue, 06 Oct 2020 00:00:00 +0530 Fri, 09 Oct 2020 14:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399385 The Tribunal upheld the CIT(A)'s decision to allow the write-off of Rs. 5,17,76,297/- as a business loss, dismissing the revenue's appeal. The Tribunal found that the ICD was advanced in the ordinary course of business, and the interest income was previously taxed. The Tribunal considered the legal actions taken to recover the debt and settled for a lesser amount, supporting the write-off as a business loss. The decision aligned with precedent cases allowing such write-offs under similar circumstances. Case-Laws Income Tax Tue, 06 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399385