https://www.taxtmi.com/caselaws?id=58996 The Appellate Tribunal allowed the assessee's claim for a bad debt deduction of Rs. 20,743 as the debtor's financial condition was precarious, supporting the write-off decision. The Tribunal directed further inquiries for the claimed loss of Rs. 38,081 due to stock valuation, setting aside previous decisions. The addition of interest on a partner's debit balance was deleted as there was no evidence of diversion for personal use. The Tribunal ordered reconsideration of the opening stock valuation adjustment for the assessment year 1974-75, treating the appeals as allowed for statistical purposes. en-us Fri, 13 Oct 1978 00:00:00 +0530 Thu, 23 Dec 2010 14:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58996 The Appellate Tribunal allowed the assessee's claim for a bad debt deduction of Rs. 20,743 as the debtor's financial condition was precarious, supporting the write-off decision. The Tribunal directed further inquiries for the claimed loss of Rs. 38,081 due to stock valuation, setting aside previous decisions. The addition of interest on a partner's debit balance was deleted as there was no evidence of diversion for personal use. The Tribunal ordered reconsideration of the opening stock valuation adjustment for the assessment year 1974-75, treating the appeals as allowed for statistical purposes. Case-Laws Income Tax Fri, 13 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58996