https://www.taxtmi.com/caselaws?id=27516 The High Court upheld the jurisdiction of the Income Tax Officer (ITO) to reopen the assessment, emphasizing valid grounds for reassessment due to the initial allowance of the bad debt not being properly considered. Regarding the deduction of Rs. 21,368 as a bad debt, the court ruled in favor of the assessee, allowing the claim for the bad debt written off as a successor-company under relevant provisions of the Income Tax Act. The court highlighted the continuity of the business and the successor's entitlement to claim the deduction for a bad debt incurred by the predecessor, ultimately rejecting the Revenue's argument. en-us Tue, 20 Sep 1983 00:00:00 +0530 Sat, 13 Feb 2010 13:10:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27516 The High Court upheld the jurisdiction of the Income Tax Officer (ITO) to reopen the assessment, emphasizing valid grounds for reassessment due to the initial allowance of the bad debt not being properly considered. Regarding the deduction of Rs. 21,368 as a bad debt, the court ruled in favor of the assessee, allowing the claim for the bad debt written off as a successor-company under relevant provisions of the Income Tax Act. The court highlighted the continuity of the business and the successor's entitlement to claim the deduction for a bad debt incurred by the predecessor, ultimately rejecting the Revenue's argument. Case-Laws Income Tax Tue, 20 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27516