https://www.taxtmi.com/caselaws?id=58950 The Appellate Tribunal ITAT BOMBAY-D ruled in favor of the assessee regarding the admissibility of a sum as bad debt or business loss for the assessment year 1976-77. The Tribunal found that the debt had indeed become bad during the year in question, considering the circumstances where the debtor had not paid, cheques were dishonored, and secured creditors had larger claims than the debtor's assets. As a result, the Tribunal directed that the corresponding deduction be allowed, ultimately allowing the appeal in favor of the assessee. en-us Wed, 03 Feb 1982 00:00:00 +0530 Sat, 03 Dec 2016 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58950 The Appellate Tribunal ITAT BOMBAY-D ruled in favor of the assessee regarding the admissibility of a sum as bad debt or business loss for the assessment year 1976-77. The Tribunal found that the debt had indeed become bad during the year in question, considering the circumstances where the debtor had not paid, cheques were dishonored, and secured creditors had larger claims than the debtor's assets. As a result, the Tribunal directed that the corresponding deduction be allowed, ultimately allowing the appeal in favor of the assessee. Case-Laws Income Tax Wed, 03 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58950