https://www.taxtmi.com/caselaws?id=27823 The High Court ruled against the assessee's claim of Rs. 52,083 as a bad debt for the assessment year 1973-74, determining that the transaction did not occur in the course of the assessee's business activities. The Court cited precedents to support its decision. The issue of computing and setting off the loss for the same assessment year against the income of the subsequent year was remanded to the Income Tax Appellate Tribunal for further review. The Revenue was awarded costs, including counsel's fee of Rs. 500. en-us Wed, 07 Sep 1983 00:00:00 +0530 Tue, 16 Feb 2010 12:48:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27823 The High Court ruled against the assessee's claim of Rs. 52,083 as a bad debt for the assessment year 1973-74, determining that the transaction did not occur in the course of the assessee's business activities. The Court cited precedents to support its decision. The issue of computing and setting off the loss for the same assessment year against the income of the subsequent year was remanded to the Income Tax Appellate Tribunal for further review. The Revenue was awarded costs, including counsel's fee of Rs. 500. Case-Laws Income Tax Wed, 07 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27823