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2008 (6) TMI 206 - HC - Income TaxMoney Lending Activity – Bad Debts – held that - Tribunal have categorically found that there was systematic money-lending activity carried on by the assessee and further found that the assessee was offering such income as part of business activity in the earlier assessment years such as 1996-97 to 1998-98 and that has been accepted by the Department. It is also brought on record that the Assessing Officer has recorded a finding that after perusal of the memorandum of association, one of the objectives of the assessee has been stated to be money-lending – Deduction on account of bad debts allowed.
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