https://www.taxtmi.com/caselaws?id=405364 The High Court of Madras dismissed the appeal filed by the revenue regarding the deletion of the addition of Rs. 5 Crores as bad debts. The Tribunal accepted the assessee's claim that the loan became irrecoverable, justifying its write-off as bad debts despite not strictly qualifying as trade debts. The subsequent repayment of the loan by the debtor and the actions taken by the assessee led to the dismissal of the appeal, with substantial questions of law left open. en-us Tue, 02 Mar 2021 00:00:00 +0530 Thu, 18 Mar 2021 09:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405364 The High Court of Madras dismissed the appeal filed by the revenue regarding the deletion of the addition of Rs. 5 Crores as bad debts. The Tribunal accepted the assessee's claim that the loan became irrecoverable, justifying its write-off as bad debts despite not strictly qualifying as trade debts. The subsequent repayment of the loan by the debtor and the actions taken by the assessee led to the dismissal of the appeal, with substantial questions of law left open. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405364