https://www.taxtmi.com/caselaws?id=424219 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowance of bad debt under Section 36 of the Income Tax Act for the Assessment Year 2013-14. The Tribunal found the claim genuine as the amount written off was an advance for purchasing material for stock in trade, not involving sales of goods, and the bad debt claim was considered bonafide. The decision emphasized that the disallowance was unjustified, and the bad debt claim should be allowed without proving the debts had actually become bad, in accordance with legal precedents. en-us Wed, 01 Jun 2022 00:00:00 +0530 Thu, 23 Jun 2022 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424219 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowance of bad debt under Section 36 of the Income Tax Act for the Assessment Year 2013-14. The Tribunal found the claim genuine as the amount written off was an advance for purchasing material for stock in trade, not involving sales of goods, and the bad debt claim was considered bonafide. The decision emphasized that the disallowance was unjustified, and the bad debt claim should be allowed without proving the debts had actually become bad, in accordance with legal precedents. Case-Laws Income Tax Wed, 01 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424219