https://www.taxtmi.com/caselaws?id=35384 The High Court dismissed the Revenue's appeal, affirming the Tribunal's decision to allow the claimed amount as an expenditure under Section 37(1) of the Income Tax Act, 1961. The Court held that the subsidy claimed did not qualify as a bad debt under Section 36(1)(vii) as there was no debtor-creditor relationship. Additionally, the Court upheld the Tribunal's authority to decide on the allowability of the amount as an expenditure under Section 37(1), citing relevant precedents. en-us Mon, 08 Feb 2010 00:00:00 +0530 Mon, 27 Sep 2010 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35384 The High Court dismissed the Revenue's appeal, affirming the Tribunal's decision to allow the claimed amount as an expenditure under Section 37(1) of the Income Tax Act, 1961. The Court held that the subsidy claimed did not qualify as a bad debt under Section 36(1)(vii) as there was no debtor-creditor relationship. Additionally, the Court upheld the Tribunal's authority to decide on the allowability of the amount as an expenditure under Section 37(1), citing relevant precedents. Case-Laws Income Tax Mon, 08 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35384