https://www.taxtmi.com/caselaws?id=38464 The High Court of Allahabad ruled against the assessee, denying the deduction claim for bad debt under the Income-tax Act, 1961. The court found that the debt was not part of the assessee's business activities, lacking evidence of business expediency or proper authorization for money-lending. The Tribunal's decision was upheld, emphasizing the debt did not become bad in the relevant year and was not linked to the assessee's business. The judgment underscored the necessity of establishing a clear connection between claimed debts and the assessee's business to qualify for deductions under the Income-tax Act, 1961. en-us Thu, 29 Jan 1976 00:00:00 +0530 Tue, 06 Apr 2010 13:31:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38464 The High Court of Allahabad ruled against the assessee, denying the deduction claim for bad debt under the Income-tax Act, 1961. The court found that the debt was not part of the assessee's business activities, lacking evidence of business expediency or proper authorization for money-lending. The Tribunal's decision was upheld, emphasizing the debt did not become bad in the relevant year and was not linked to the assessee's business. The judgment underscored the necessity of establishing a clear connection between claimed debts and the assessee's business to qualify for deductions under the Income-tax Act, 1961. Case-Laws Income Tax Thu, 29 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38464