https://www.taxtmi.com/caselaws?id=471450 Advances written off by an assessee carrying on financing and investment activities qualify as bad debts under Section 36(1)(vii) where financing and lending form part of its business objects and actual operations. Substantial loans and advances recorded in the accounts, coupled with no evidence of any later change in business activity, establish that the advances were made in the ordinary course of business. Once such advances are written off in the accounts, the deduction is allowable as bad debts. en-us Tue, 26 May 2026 00:00:00 +0530 Wed, 02 Sep 2026 19:01:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471450 Advances written off by an assessee carrying on financing and investment activities qualify as bad debts under Section 36(1)(vii) where financing and lending form part of its business objects and actual operations. Substantial loans and advances recorded in the accounts, coupled with no evidence of any later change in business activity, establish that the advances were made in the ordinary course of business. Once such advances are written off in the accounts, the deduction is allowable as bad debts. Case-Laws Income Tax Tue, 26 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471450