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2016 (1) TMI 944 - HC - Income TaxBad debt claim - ITAT allowed the claim - as per revenue bad debt was never shown as income in the preceeding years and the money was not held as stock in trade as the assessee was not engaged in the business of money lending - Held that:- Tribunal as the last fact finding authority has come to the conclusion that more than 50% of the capital of the assessee is deployed in money lending. Therefore, the fact that the assessee is in the money lending business cannot be doubted. All the points advanced by Mrs. Gutgutia have thus been rejected. In the result, the questions formulated at the time of admission of the appeal answered in the negative. - Decided against revenue
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