https://www.taxtmi.com/caselaws?id=37286 The High Court ruled in favor of the assessee, allowing the bad debt deductions under section 36(2)(i) of the Income-tax Act, 1961. The Court held that the successor company could claim relief for bad debts, emphasizing that the focus is on the debt being accounted for in the income of the same business, not the original creditor's identity. The alternative claim under section 28(1) was rejected as it pertained to the predecessor partnership firm's business. The Court clarified that sections 28 and 36 aim to compute assessable business income, not for personal relief. The assessee was awarded costs of Rs. 200. en-us Thu, 27 Jul 1978 00:00:00 +0530 Sat, 27 Mar 2010 17:29:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37286 The High Court ruled in favor of the assessee, allowing the bad debt deductions under section 36(2)(i) of the Income-tax Act, 1961. The Court held that the successor company could claim relief for bad debts, emphasizing that the focus is on the debt being accounted for in the income of the same business, not the original creditor's identity. The alternative claim under section 28(1) was rejected as it pertained to the predecessor partnership firm's business. The Court clarified that sections 28 and 36 aim to compute assessable business income, not for personal relief. The assessee was awarded costs of Rs. 200. Case-Laws Income Tax Thu, 27 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37286