ITAT's decision on bad debt u/s 36(1)(vii) reversed; case sent back to Assessing Officer for review.
X X X X Extracts X X X X
X X X X Extracts X X X X
....Bad debt written off as admissible u/s 36(1)(vii) - Investment made by the assessee in a sister concern for purchase of equity shares which into liquidation can be written off as bad debt - Order of ITAT is modified and the finding that the assessee is entitled to the benefit of capital loss is set aside. The matter is remitted to the AO.....


TaxTMI