https://www.taxtmi.com/highlights?id=63920 Claim towards bad debts - if the provision written back is the excess provision than the money realized, then that would 100% be brought to tax apart from the fact that whether it is a revenue loss or capital loss; the loss sustained by the assessee in respect of the loan advanced to BFL is in the nature of capital loss and is not allowable u/s 28 and there is no transfer of asset involved and hence, the loss sustained by the assessee is not liable to be carried forward, though it is a capital loss. - HC en-us Tue, 07 Jun 2022 15:58:49 +0530 Tue, 07 Jun 2022 15:58:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=63920 Claim towards bad debts - if the provision written back is the excess provision than the money realized, then that would 100% be brought to tax apart from the fact that whether it is a revenue loss or capital loss; the loss sustained by the assessee in respect of the loan advanced to BFL is in the nature of capital loss and is not allowable u/s 28 and there is no transfer of asset involved and hence, the loss sustained by the assessee is not liable to be carried forward, though it is a capital loss. - HC Highlights Income Tax Tue, 07 Jun 2022 15:58:49 +0530 https://www.taxtmi.com/highlights?id=63920