https://www.taxtmi.com/caselaws?id=293490 The Tribunal allowed the appeal of the assessee, a limited company engaged in leasing and hire purchase activities, against the order of the CIT(A) disallowing bad debts for the assessment year 2004-05. The Tribunal held that the disallowance based on the interest portion only was incorrect, allowing the deduction for bad debts as the interest income was part of the debt. Relying on judgments from the Bombay High Court and Delhi High Court, the Tribunal reversed the disallowance of the bad debts, ultimately ruling in favor of the assessee. en-us Fri, 08 Mar 2013 00:00:00 +0530 Fri, 12 Feb 2021 18:15:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293490 The Tribunal allowed the appeal of the assessee, a limited company engaged in leasing and hire purchase activities, against the order of the CIT(A) disallowing bad debts for the assessment year 2004-05. The Tribunal held that the disallowance based on the interest portion only was incorrect, allowing the deduction for bad debts as the interest income was part of the debt. Relying on judgments from the Bombay High Court and Delhi High Court, the Tribunal reversed the disallowance of the bad debts, ultimately ruling in favor of the assessee. Case-Laws Income Tax Fri, 08 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293490