https://www.taxtmi.com/highlights?id=85107 ITAT upheld the allowance of bad debt write-off related to trading losses in NSEL. The assessee's contracts predated Economic Offences Wing's intervention and NSEL's suspension. Despite the Assessing Officer's contention about insufficient recovery efforts, ITAT found that the assessee had legitimately written off the unrecoverable debt, as evidenced by ledger documentation. Following Supreme Court's precedent in TRF Ltd case and CBDT Circular 12/2016, the tribunal concluded that the write-off met statutory requirements for bad debt deduction. The Commissioner of Income Tax (Appeals) order was sustained, and Revenue's appeals were dismissed. en-us Thu, 23 Jan 2025 08:39:36 +0530 Thu, 23 Jan 2025 08:39:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=85107 ITAT upheld the allowance of bad debt write-off related to trading losses in NSEL. The assessee's contracts predated Economic Offences Wing's intervention and NSEL's suspension. Despite the Assessing Officer's contention about insufficient recovery efforts, ITAT found that the assessee had legitimately written off the unrecoverable debt, as evidenced by ledger documentation. Following Supreme Court's precedent in TRF Ltd case and CBDT Circular 12/2016, the tribunal concluded that the write-off met statutory requirements for bad debt deduction. The Commissioner of Income Tax (Appeals) order was sustained, and Revenue's appeals were dismissed. Highlights Income Tax Thu, 23 Jan 2025 08:39:36 +0530 https://www.taxtmi.com/highlights?id=85107