https://www.taxtmi.com/caselaws?id=308525 The Tax Case Appeal challenged the Income Tax Appellate Tribunal's decision allowing the deduction of bad debts claimed by the assessee for the assessment year 2004-05 under Section 36(1)(vii) and Section 36(2). The Tribunal upheld the CIT(A)'s decision in favor of the assessee, determining that the debts written off were part of legitimate business activities. The court ruled in favor of the assessee, dismissing the Revenue's appeal and emphasizing the allowance of bad debts under the Income Tax Act due to the business nature of the transactions, with no costs awarded. en-us Mon, 24 Jan 2022 00:00:00 +0530 Fri, 30 Jun 2023 21:33:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308525 The Tax Case Appeal challenged the Income Tax Appellate Tribunal's decision allowing the deduction of bad debts claimed by the assessee for the assessment year 2004-05 under Section 36(1)(vii) and Section 36(2). The Tribunal upheld the CIT(A)'s decision in favor of the assessee, determining that the debts written off were part of legitimate business activities. The court ruled in favor of the assessee, dismissing the Revenue's appeal and emphasizing the allowance of bad debts under the Income Tax Act due to the business nature of the transactions, with no costs awarded. Case-Laws Income Tax Mon, 24 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308525