https://www.taxtmi.com/caselaws?id=35509 The court held that the amount claimed as "bad debt" by the assessee, a stockbroker, was considered a debt under the Income-tax Act, 1961. However, the court agreed with the Revenue that the shares held by the assessee should have been sold to recover the outstanding amount, remitting the case for reevaluation to determine the actual "bad debt" figure. The court emphasized the necessity of considering the sale of shares in assessing bad debt claims, setting aside the Tribunal's decision and allowing the appeal on these grounds. en-us Thu, 02 Jul 2009 00:00:00 +0530 Fri, 12 Mar 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35509 The court held that the amount claimed as "bad debt" by the assessee, a stockbroker, was considered a debt under the Income-tax Act, 1961. However, the court agreed with the Revenue that the shares held by the assessee should have been sold to recover the outstanding amount, remitting the case for reevaluation to determine the actual "bad debt" figure. The court emphasized the necessity of considering the sale of shares in assessing bad debt claims, setting aside the Tribunal's decision and allowing the appeal on these grounds. Case-Laws Income Tax Thu, 02 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35509