Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2003 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2003 (11) TMI 56 - MADRAS HIGH COURTBad debt – business loss - 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 - If the assessee chose to pay for the stock which it had taken physical control of, it cannot be said to be a payment which was unconnected with its business and was not an expenditure unconnected with its business activities - Assessee would be entitled to a deduction of this sum in its trading account even as it was required to treat the sale value of the goods for which it had made payment, as its income
|