https://www.taxtmi.com/caselaws?id=55426 The Appellate Tribunal allowed the appeal in favor of the registered firm engaged in share and stock brokerage business, directing the Income Tax Officer to allow the deduction of Rs. 57,108 claimed for bad debt written off in the assessment year 1978-79. The Tribunal considered the firm's actions as part of its business strategy and emphasized the inherent risk of such losses in the business environment. Relying on relevant precedents, the Tribunal concluded that the deduction should be treated as a trading loss under the Income Tax Act, setting aside the previous disallowance and instructing consequential orders for the partners of the firm. en-us Mon, 05 Aug 1985 00:00:00 +0530 Sat, 27 Nov 2010 10:19:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55426 The Appellate Tribunal allowed the appeal in favor of the registered firm engaged in share and stock brokerage business, directing the Income Tax Officer to allow the deduction of Rs. 57,108 claimed for bad debt written off in the assessment year 1978-79. The Tribunal considered the firm's actions as part of its business strategy and emphasized the inherent risk of such losses in the business environment. Relying on relevant precedents, the Tribunal concluded that the deduction should be treated as a trading loss under the Income Tax Act, setting aside the previous disallowance and instructing consequential orders for the partners of the firm. Case-Laws Income Tax Mon, 05 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55426