2022 (7) TMI 1163

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....sel. Respondent Through: Mr. Gautam Jain, Advocate. J U D G M E N T MANMOHAN, J (Oral): C.M.No.7947/2020 Keeping in view the averments in the application, the delay in refiling the appeal is condoned. Accordingly, the application stands disposed of. ITA No.159/2020 1. Present appeal has been filed challenging the order dated 04th July 2019 passed by the Income Tax Appellate....

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....ates that the Respondent had business transactions with M/s Max New York Life Insurance Company for the Financial Year 2007-08 and 2008-09. He emphasises that, thereafter, the Assessee company had not entered into any transactions with M/s Max New York Life Insurance Company. In support of his contention, he relies upon the Submissions filed by the Respondent before the CIT(A). 4. Mr.Jain also ....

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....ed (claimed) by Max   48,430,109 Amount of Bad Debt claimed by the Appellant       40,753,938 (emphasis supplied) 5. Having heard learned counsel for the parties, this Court is of the view that Section 36(1)(vii) r/w Section 36(2) of the Act provides that in order to claim deduction on account of bad debts, two conditions have to be met by the Assessee....