https://www.taxtmi.com/caselaws?id=56342 The Tribunal determined that the amount debited by the assessee as bad debt was actually a trading loss, arising from a cheating incident in their business dealings. It identified the relevant accounting year for claiming the deduction as the year when the irrecoverability of the loss was realized, supported by the judgment received during that period. Emphasizing the importance of considering all circumstances, the Tribunal allowed the appeal, permitting the deduction of the amount as a business loss under the Income Tax Act for the relevant assessment year. en-us Thu, 02 May 1991 00:00:00 +0530 Fri, 03 Dec 2010 11:49:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56342 The Tribunal determined that the amount debited by the assessee as bad debt was actually a trading loss, arising from a cheating incident in their business dealings. It identified the relevant accounting year for claiming the deduction as the year when the irrecoverability of the loss was realized, supported by the judgment received during that period. Emphasizing the importance of considering all circumstances, the Tribunal allowed the appeal, permitting the deduction of the amount as a business loss under the Income Tax Act for the relevant assessment year. Case-Laws Income Tax Thu, 02 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56342