TMI BlogBad debts u/s 36(1) - Diversion of income by overriding title - assessee claimed that since land was...Bad debts u/s 36(1) - Diversion of income by overriding title - assessee claimed that since land was mortgaged to the bank for loan to HPGPL and the bank has adjusted the sale proceeds against loan to HPGPL, there is diversion of income by overriding title. - Since in the present case holding company’s loss was adjusted upon by e-auctioned of the property for an amount of ₹ 296 crores, the assessee-company’s share out of the same as per the facilitation agreement clearly accrued to the ass..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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