1985 (7) TMI 60

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....OKAL CHAND MITAL J.-M/s. Ganpat Rai Banarsi Dass (hereinafter called the assessee) had business dealings with M/s. Laxmi Narain Cotton Mills Ltd., Calcutta. During the assessment year 1970-71, the assessee effected sales to the cotton mills to the tune of Rs. 2,91,748. Out of the sale price, Rs. 1,97,372 had been paid through cheques by the cotton mills on various dates between April 23, 1969, and....

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.... dated October 30, 1976, granted relief to the assessee in regard to Rs. 75,000 as a bad debt after recording a finding on appreciation of facts of the case that a reasonable inference can be drawn that it has become difficult or impossible to recover the said amount from the cotton mills. It was also held that it was legally impossible for the assessee to recover its dues from the cotton mills as....