https://www.taxtmi.com/caselaws?id=36240 The Court held that the sum of Rs. 57,122 constituted a bad debt allowable under section 36(1)(vii) of the Income-tax Act, 1961, as it met the criteria for being a genuine write-off. Additionally, the Court ruled in favor of the assessee regarding the taxability of rental income received during the assessment year 1961-62, stating that the income could only be assessed for the accounting year 1959 when the compromise took place, not for the later year. Consequently, both issues were decided in favor of the assessee, allowing the bad debt deduction and rejecting the taxability of rental income for the relevant assessment year. en-us Thu, 06 Apr 1978 00:00:00 +0530 Sat, 20 Mar 2010 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36240 The Court held that the sum of Rs. 57,122 constituted a bad debt allowable under section 36(1)(vii) of the Income-tax Act, 1961, as it met the criteria for being a genuine write-off. Additionally, the Court ruled in favor of the assessee regarding the taxability of rental income received during the assessment year 1961-62, stating that the income could only be assessed for the accounting year 1959 when the compromise took place, not for the later year. Consequently, both issues were decided in favor of the assessee, allowing the bad debt deduction and rejecting the taxability of rental income for the relevant assessment year. Case-Laws Income Tax Thu, 06 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36240