https://www.taxtmi.com/caselaws?id=34905 The High Court set aside the ITAT's decision and remanded the case to the Assessing Officer for reassessment. The Court emphasized that while the amendment to Section 36(1)(vii) reduced the burden on the assessee to prove the debt as bad, the Assessing Officer retains the authority to verify the genuineness of the entries. The Court highlighted the necessity of ensuring compliance with the Income Tax Act and directed a fresh evaluation, allowing the assessee to provide additional details to support the claim of bad debt. en-us Thu, 05 Nov 2009 00:00:00 +0530 Wed, 26 Dec 2012 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34905 The High Court set aside the ITAT's decision and remanded the case to the Assessing Officer for reassessment. The Court emphasized that while the amendment to Section 36(1)(vii) reduced the burden on the assessee to prove the debt as bad, the Assessing Officer retains the authority to verify the genuineness of the entries. The Court highlighted the necessity of ensuring compliance with the Income Tax Act and directed a fresh evaluation, allowing the assessee to provide additional details to support the claim of bad debt. Case-Laws Income Tax Thu, 05 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34905