https://www.taxtmi.com/caselaws?id=464368 ITAT AHMEDABAD allowed the assessee's claim: interest on loans to associate concerns was held to be bad debt under s.36(1)(vii) because it had been previously offered to tax on accrual, and the principal portion of advances was deductible as business loss under s.28 read with s.29 since the advances were incidental to and promoted the assessee's business (following principles laid down by the SC and various HCs). The tribunal also held that a challenge to excess interest under s.234D could not be dismissed for availability of alternative remedies and remitted that issue to the file of the CIT(A) for fresh adjudication. en-us Fri, 29 Jul 2022 00:00:00 +0530 Sat, 25 Oct 2025 17:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464368 ITAT AHMEDABAD allowed the assessee's claim: interest on loans to associate concerns was held to be bad debt under s.36(1)(vii) because it had been previously offered to tax on accrual, and the principal portion of advances was deductible as business loss under s.28 read with s.29 since the advances were incidental to and promoted the assessee's business (following principles laid down by the SC and various HCs). The tribunal also held that a challenge to excess interest under s.234D could not be dismissed for availability of alternative remedies and remitted that issue to the file of the CIT(A) for fresh adjudication. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464368