https://www.taxtmi.com/caselaws?id=35077 The court ruled in favor of the assessee on the deduction under section 36(1)(vii) of the Income-tax Act, emphasizing that the deduction should not be allowed twice for the same bad debt. The court remanded the matter to ascertain the nature of the bad debts claimed. Regarding the application of Circular No. 258 to the assessment year 1993-94, the court found the Tribunal's decision incorrect and remanded the issue for reconsideration. The court upheld the Tribunal's decision on the loss from revaluation of permanent assets and the claim for depreciation of flats without ownership or registered sale deed, citing Supreme Court precedents. The appeals were disposed of accordingly. en-us Wed, 19 Mar 2008 00:00:00 +0530 Fri, 18 Dec 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35077 The court ruled in favor of the assessee on the deduction under section 36(1)(vii) of the Income-tax Act, emphasizing that the deduction should not be allowed twice for the same bad debt. The court remanded the matter to ascertain the nature of the bad debts claimed. Regarding the application of Circular No. 258 to the assessment year 1993-94, the court found the Tribunal's decision incorrect and remanded the issue for reconsideration. The court upheld the Tribunal's decision on the loss from revaluation of permanent assets and the claim for depreciation of flats without ownership or registered sale deed, citing Supreme Court precedents. The appeals were disposed of accordingly. Case-Laws Income Tax Wed, 19 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35077