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2021 (2) TMI 573 - AT - Income TaxDisallowance of Claim of reduction of bad debt - in the case of assessee the bad debt in respect of inter corporate despot was not allowable as the main business activity of the assessee was not money lending business - CIT(A) has allowed the appeal of the assessee - HELD THAT:- Similar issue on identical fact has been adjudicated in favour of the assessee by the Co-ordinate Bench of the ITAT after referring the decision of Mumbai High Court rendered in the case of Shreyas S. Morakhia [2012 (3) TMI 103 - BOMBAY HIGH COURT] and Bonanza Portfolio Ltd. [2009 (8) TMI 636 - DELHI HIGH COURT] With the assistance of ld. representatives we have also perused the decision of ld. CIT(A) as cited above in this order demonstrating that assessee has shown income from bill discounting and inter corporate deposit in its P & L A/c for the year under consideration and for the preceding year. - Decided in favour of assessee.
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