https://www.taxtmi.com/caselaws?id=28689 The High Court upheld the Income-tax Appellate Tribunal's decision, ruling that a sum claimed as a bad debt for the assessment year 1968-69 was allowable. The Court emphasized the genuineness and enforceability of the settlement reached on May 31, 1967, regardless of court recording. It rejected the argument that the settlement needed formal recording for validity and distinguished cases requiring final irrecoverability for bad debt classification. The Court held that the assessee could claim the balance amount as a bad debt based on the settlement date, emphasizing the importance of oral agreements and ruling in favor of the assessee. en-us Mon, 08 Nov 1982 00:00:00 +0530 Wed, 24 Feb 2010 17:48:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28689 The High Court upheld the Income-tax Appellate Tribunal's decision, ruling that a sum claimed as a bad debt for the assessment year 1968-69 was allowable. The Court emphasized the genuineness and enforceability of the settlement reached on May 31, 1967, regardless of court recording. It rejected the argument that the settlement needed formal recording for validity and distinguished cases requiring final irrecoverability for bad debt classification. The Court held that the assessee could claim the balance amount as a bad debt based on the settlement date, emphasizing the importance of oral agreements and ruling in favor of the assessee. Case-Laws Income Tax Mon, 08 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28689