https://www.taxtmi.com/caselaws?id=434281 The Tribunal allowed the appeal of the assessee, overturning the decision of the CIT (Appeals) disallowing the claim of Rs.1,15,41,300 as bad debt/business loss. The rejection of goods by the customer, coupled with the write-off in the assessee's books, was deemed genuine, supported by additional evidence. The lack of response from the customer to the notice under section 133(6) did not invalidate the claim, as the Tribunal emphasized the business exigency and settlement of the customer's rebate claim in a similar case. The write-off was justified, acknowledging the liquidity crisis and decline in sales due to inferior quality goods. en-us Thu, 09 Feb 2023 00:00:00 +0530 Tue, 21 Feb 2023 07:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434281 The Tribunal allowed the appeal of the assessee, overturning the decision of the CIT (Appeals) disallowing the claim of Rs.1,15,41,300 as bad debt/business loss. The rejection of goods by the customer, coupled with the write-off in the assessee's books, was deemed genuine, supported by additional evidence. The lack of response from the customer to the notice under section 133(6) did not invalidate the claim, as the Tribunal emphasized the business exigency and settlement of the customer's rebate claim in a similar case. The write-off was justified, acknowledging the liquidity crisis and decline in sales due to inferior quality goods. Case-Laws Income Tax Thu, 09 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434281