2003 (11) TMI 56

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....by the Tribunal's order which allowed as a trading loss a sum of Rs. 71,880. The respondent-assessee carries on trade in paper. That amount had been claimed by the assessee as bad debt. That sum, according to the assessee, was part of the sum that was due from Ananda Traders to whom the assessee had made supplies and from whom the assessee had taken possession of stock of paper valued at Rs. 21,4....

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.... a trading loss if not as bad debt. The Tribunal reasoned that it had, as the final court of fact, a duty to determine the true character of the expenditure and allow the appropriate benefit to the assessee. For so holding it placed reliance on a decision of this court in the case of CIT v. Inden Biselers [1990] 181 ITR 69. The Revenue did not at any point of time dispute the fact that payment ha....