https://www.taxtmi.com/caselaws?id=27615 The High Court of Madras ruled against the assessee, affirming the disallowance of a claimed bad debt incurred in a transport company under the Income-tax Act, 1961. The Court held that the debt must have arisen in the course of the assessee's business to qualify as a bad debt under the provision, rejecting the assessee's argument. The claimed bad debt was deemed rightly disallowed in the computation of profits from the cloth and yarn trade, and the assessee was directed to pay the Department's costs, including counsel's fee. en-us Mon, 17 Jan 1983 00:00:00 +0530 Mon, 15 Feb 2010 10:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27615 The High Court of Madras ruled against the assessee, affirming the disallowance of a claimed bad debt incurred in a transport company under the Income-tax Act, 1961. The Court held that the debt must have arisen in the course of the assessee's business to qualify as a bad debt under the provision, rejecting the assessee's argument. The claimed bad debt was deemed rightly disallowed in the computation of profits from the cloth and yarn trade, and the assessee was directed to pay the Department's costs, including counsel's fee. Case-Laws Income Tax Mon, 17 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27615