https://www.taxtmi.com/caselaws?id=34587 Bad debt deduction turns on the facts of each case and on the assessee's genuine judgment as to when a debt has become irrecoverable. Where goods were supplied, cheques were dishonoured, and the assessee waited before writing off the amount, a later suit and decree did not by themselves disprove the earlier decision to treat the debt as bad. A bona fide and honest write-off can therefore support deduction as bad debt, or alternatively as business loss, if the assessee's judgment is not shown to be insincere. en-us Mon, 14 Sep 2009 00:00:00 +0530 Fri, 01 Feb 2013 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34587 Bad debt deduction turns on the facts of each case and on the assessee's genuine judgment as to when a debt has become irrecoverable. Where goods were supplied, cheques were dishonoured, and the assessee waited before writing off the amount, a later suit and decree did not by themselves disprove the earlier decision to treat the debt as bad. A bona fide and honest write-off can therefore support deduction as bad debt, or alternatively as business loss, if the assessee's judgment is not shown to be insincere. Case-Laws Income Tax Mon, 14 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34587