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2010 (11) TMI 653 - AT - Income TaxDisallowance - bad debts - The Assessing Officer was of the view that the debt has not really become bad. Moreover, in the case of a stock broker, payment outstanding from a customer, would not meet the requirement of section 36(2) and, therefore, this debt was not allowed - Held that:- Claim of bad debts allowed, following the decision of the Special Bench of the Tribunal in the case of Deputy CIT v. Shreyas S. Morakhia (2010 -TMI - 203106 - ITAT MUMBAI), held that the assessee's claim for bad debt is allowable and, accordingly, we decide this issue in favour of the assessee. Levy of interest u/s 234B - As per the hon'ble Supreme Court in the case of Central Provinces Manganese Ore Co. Ltd. v. CIT [1986 -TMI - 5932 - SUPREME Court], thus, the issue regarding levy of interest under section 234B is of consequential nature and Assessing Officer is directed to levy the interest in accordance with law.
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