https://www.taxtmi.com/caselaws?id=26919 The High Court ruled in favor of the assessee, M/s. Macneill & Barry Ltd., allowing the bad debt of Rs. 28,52,010 as a deduction for trading loss. The court found that the shares received had no value as they were allotted after the debt was extinguished by a court order, leading to a trading loss for the assessee. The Tribunal's decision was overturned, and no costs were awarded. en-us Fri, 16 Aug 1985 00:00:00 +0530 Tue, 09 Feb 2010 12:56:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26919 The High Court ruled in favor of the assessee, M/s. Macneill & Barry Ltd., allowing the bad debt of Rs. 28,52,010 as a deduction for trading loss. The court found that the shares received had no value as they were allotted after the debt was extinguished by a court order, leading to a trading loss for the assessee. The Tribunal's decision was overturned, and no costs were awarded. Case-Laws Income Tax Fri, 16 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26919