https://www.taxtmi.com/caselaws?id=428922 The Tribunal allowed the appeal of the assessee, directing the deletion of the addition of Rs. 1,10,00,000/- claimed as bad debts under section 36(2)(i) of the Income Tax Act. The Tribunal held that the loss incurred by the assessee was a business loss related to its real estate development business and not a bad debt. The Tribunal emphasized that the nature of the loss could not be changed based solely on the declaration in the return of income, especially when supported by evidence and books of accounts, and relied on various judicial precedents to support its decision. en-us Thu, 11 Aug 2022 00:00:00 +0530 Fri, 14 Oct 2022 08:48:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428922 The Tribunal allowed the appeal of the assessee, directing the deletion of the addition of Rs. 1,10,00,000/- claimed as bad debts under section 36(2)(i) of the Income Tax Act. The Tribunal held that the loss incurred by the assessee was a business loss related to its real estate development business and not a bad debt. The Tribunal emphasized that the nature of the loss could not be changed based solely on the declaration in the return of income, especially when supported by evidence and books of accounts, and relied on various judicial precedents to support its decision. Case-Laws Income Tax Thu, 11 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428922