https://www.taxtmi.com/caselaws?id=56133 The case involved the deduction of Rs. 8,95,277 as a trading loss and a bad debt. The Tribunal held that the deduction as a trading loss under section 28 was not allowable but allowed the deduction as a bad debt under section 36(1)(vii) read with section 36(2). The Tribunal directed the Income Tax Officer (ITO) to allow the deduction of the bad debt. Additionally, the Tribunal ordered the issue of levy of interest under sections 139(8) and 217 to be reconsidered by the Commissioner of Income Tax (Appeals) (CIT(A)). ITA No. 1157/Ahd/88 was dismissed, and ITA No. 1594/Ahd/90 was partly allowed. en-us Mon, 18 Nov 1991 00:00:00 +0530 Sat, 05 Mar 2011 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56133 The case involved the deduction of Rs. 8,95,277 as a trading loss and a bad debt. The Tribunal held that the deduction as a trading loss under section 28 was not allowable but allowed the deduction as a bad debt under section 36(1)(vii) read with section 36(2). The Tribunal directed the Income Tax Officer (ITO) to allow the deduction of the bad debt. Additionally, the Tribunal ordered the issue of levy of interest under sections 139(8) and 217 to be reconsidered by the Commissioner of Income Tax (Appeals) (CIT(A)). ITA No. 1157/Ahd/88 was dismissed, and ITA No. 1594/Ahd/90 was partly allowed. Case-Laws Income Tax Mon, 18 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56133