https://www.taxtmi.com/caselaws?id=414797 The High Court upheld the decision of the Income Tax Appellate Tribunal, allowing the deduction for bad debts under Section 36(1)(vii) read with Section 36(2) of the Income Tax Act. The court confirmed that the interest income was taxed as business income in a previous assessment year, meeting the conditions for the deduction. The court did not delve into whether the assessee was engaged in money lending or banking, as the first condition under Section 36(2)(i) sufficed. The appeal was dismissed with no order as to costs. en-us Wed, 27 Oct 2021 00:00:00 +0530 Fri, 24 Dec 2021 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414797 The High Court upheld the decision of the Income Tax Appellate Tribunal, allowing the deduction for bad debts under Section 36(1)(vii) read with Section 36(2) of the Income Tax Act. The court confirmed that the interest income was taxed as business income in a previous assessment year, meeting the conditions for the deduction. The court did not delve into whether the assessee was engaged in money lending or banking, as the first condition under Section 36(2)(i) sufficed. The appeal was dismissed with no order as to costs. Case-Laws Income Tax Wed, 27 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414797