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2010 (8) TMI 695 - AT - Income TaxClaim as Bad debt - Money Advanced for purchasing goods become non recoverable - In context of bad debts, the material thing is the writing off in the books of account and not the date of passing of resolution for the same.Once the debt are written off as bad in books assessee is entitled for exemption. - Decided in favor of assessee. Cessation or remission for trading liability - Held that:- Where liability was generated due to receipt of loan and not due to any trading transaction, the same cannot be held to fall within the purview of section 41(1) of the Act. - Decided in favor of assessee.
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