https://www.taxtmi.com/caselaws?id=24731 The court held that the claim for a bad debt deduction of Rs. 2,10,000 for the assessment year 1968-69 was not admissible as the debt had been discharged in 1961 under a new agreement, and there was no basis for writing off the debt in 1968-69. The court also found that the Tribunal's conclusion that the assessee incurred a loss of Rs. 2,10,000 and that it should be allowed as a deduction was unreasonable. Therefore, both questions were answered in the negative and in favor of the Revenue, with the assessee ordered to pay Rs. 500 as costs. en-us Wed, 17 Feb 1988 00:00:00 +0530 Fri, 22 Jan 2010 10:33:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24731 The court held that the claim for a bad debt deduction of Rs. 2,10,000 for the assessment year 1968-69 was not admissible as the debt had been discharged in 1961 under a new agreement, and there was no basis for writing off the debt in 1968-69. The court also found that the Tribunal's conclusion that the assessee incurred a loss of Rs. 2,10,000 and that it should be allowed as a deduction was unreasonable. Therefore, both questions were answered in the negative and in favor of the Revenue, with the assessee ordered to pay Rs. 500 as costs. Case-Laws Income Tax Wed, 17 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24731