https://www.taxtmi.com/caselaws?id=32195 The High Court upheld the decision to allow the deduction for bad debts written off by the assessee under section 36(1)(vii) for the assessment year 2001-02. The Court emphasized that the written-off amount should not be treated as capital in nature, as the appellant was in the business of money-lending. The Tribunal supported this decision, stating that the bad debt written off in the books of account was allowable as a deduction. The Court dismissed the appeal, finding no substantial question of law for consideration. en-us Thu, 28 Aug 2008 00:00:00 +0530 Sat, 24 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32195 The High Court upheld the decision to allow the deduction for bad debts written off by the assessee under section 36(1)(vii) for the assessment year 2001-02. The Court emphasized that the written-off amount should not be treated as capital in nature, as the appellant was in the business of money-lending. The Tribunal supported this decision, stating that the bad debt written off in the books of account was allowable as a deduction. The Court dismissed the appeal, finding no substantial question of law for consideration. Case-Laws Income Tax Thu, 28 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32195