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2021 (3) TMI 692 - HC - Income TaxDisallowance of bad debts u/s.36[1][vii] read with Section 36[2] - Expenditure under the head “bad debts written off” - loan given was interest free and unsecured loan - unrecovered and unsecured loan - loss suffered by the assessee is irrecoverable advances with respect to real estate business - HELD THAT:- As submission made by the assessee by way of a solemn affidavit sworn to its partner, the assessee is right in contending that the revenue cannot seek to sustain the order passed by the Assessing Officer and seek for disallowance of the loss claimed by the respondent in the assessment for the year 2012-2013 while taxing the recovery of the same in the assessment year 2020-2021 and 2021-2022. Thus, in the light of the subsequent development, the order passed by the CIT(A) requires to be sustained. Appeal filed by the revenue is dismissed.
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