https://www.taxtmi.com/caselaws?id=60002 The Tribunal directed the ITO to re-examine the disallowance under the head "adjustment of previous years" to determine if the amount was allowable in the current assessment year. The disallowance related to a subsidiary's account of Rs. 68,098 was confirmed as not revenue expenditure but should be treated as a trading loss. The deduction for bad debt of Rs. 68,098 was allowed as a trading loss due to a mistaken belief. The disallowance of bad debt amounting to Rs. 5,46,768 was remitted for further examination based on new evidence. The disallowance of interest payment deduction was rejected as the assessee did not press the ground. Both departmental and assessee's appeals were allowed for statistical purposes. en-us Fri, 18 Sep 1987 00:00:00 +0530 Mon, 03 Jan 2011 12:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60002 The Tribunal directed the ITO to re-examine the disallowance under the head "adjustment of previous years" to determine if the amount was allowable in the current assessment year. The disallowance related to a subsidiary's account of Rs. 68,098 was confirmed as not revenue expenditure but should be treated as a trading loss. The deduction for bad debt of Rs. 68,098 was allowed as a trading loss due to a mistaken belief. The disallowance of bad debt amounting to Rs. 5,46,768 was remitted for further examination based on new evidence. The disallowance of interest payment deduction was rejected as the assessee did not press the ground. Both departmental and assessee's appeals were allowed for statistical purposes. Case-Laws Income Tax Fri, 18 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60002