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2011 (9) TMI 115 - HC - Income TaxBad debts - intercorporate deposits - Held that:- the assessee was engaged in the business of advancing loans and interest received from the intercorporate deposits have been assessed as business income in the past. Since the said intercorporate deposits had become bad, the assessee in the assessment year in question had written off that amount. Since the interest income from the intercorporate deposits have been assessed as business income, in the facts of the present case allowing the claim of the assessee in writing off the intercorporate deposits cannot be faulted
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