https://www.taxtmi.com/caselaws?id=60489 The revenue's appeal challenging the allowance of bad debts as a deduction for the assessment year 1989-90 was dismissed. The Tribunal upheld the Commissioner of Income-tax (Appeals)' decision, emphasizing that the amendment to section 36(1)(vii) mandated allowing bad debts written off in the books without questioning their status. The Tribunal highlighted the legislative intent to eliminate disputes and provide clarity on bad debt deductions. The decision aligned with the view that banks should receive full deduction for bad debts without inquiry due to their expertise in debt recovery, leading to the affirmation of the deduction. en-us Wed, 04 Jan 1995 00:00:00 +0530 Wed, 05 Jan 2011 15:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60489 The revenue's appeal challenging the allowance of bad debts as a deduction for the assessment year 1989-90 was dismissed. The Tribunal upheld the Commissioner of Income-tax (Appeals)' decision, emphasizing that the amendment to section 36(1)(vii) mandated allowing bad debts written off in the books without questioning their status. The Tribunal highlighted the legislative intent to eliminate disputes and provide clarity on bad debt deductions. The decision aligned with the view that banks should receive full deduction for bad debts without inquiry due to their expertise in debt recovery, leading to the affirmation of the deduction. Case-Laws Income Tax Wed, 04 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60489