https://www.taxtmi.com/caselaws?id=307845 The Court initially ruled in favor of the assessee, holding that the deduction should be computed before setting off brought forward losses. However, upon review, the Court modified the judgment in favor of the Revenue, emphasizing that the deduction towards bad and doubtful debts at 7.5% should be made after setting off the brought forward loss to determine total income. The appeal filed by the assessee was dismissed, highlighting the importance of correctly computing deductions in line with the Income Tax Act provisions. en-us Mon, 05 Sep 2022 00:00:00 +0530 Thu, 11 May 2023 16:45:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307845 The Court initially ruled in favor of the assessee, holding that the deduction should be computed before setting off brought forward losses. However, upon review, the Court modified the judgment in favor of the Revenue, emphasizing that the deduction towards bad and doubtful debts at 7.5% should be made after setting off the brought forward loss to determine total income. The appeal filed by the assessee was dismissed, highlighting the importance of correctly computing deductions in line with the Income Tax Act provisions. Case-Laws Income Tax Mon, 05 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307845