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2021 (5) TMI 301 - AT - Income TaxAddition u/s 36(1)(iii) - bad debts written off - assessee had debited a sum against the head sundry balances written off - assessee nowhere explained the transaction essential during the course of business - assessee also received the loan - HELD THAT:- As the assessee failed to prove this fact that the loan was given in the ordinary course of business of banking or money lending carried out by the assessee. Out of the amount of ₹ 2,31,02,343/-, ₹ 36,35,000/- was advanced to employees which undoubtedly would be in the ordinary course of business of the assessee. The assessee was not in the business of banking or money lending. The condition in view of the provisions u/s 36(2)(i) of the Act has not been satisfied. The facts are not distinguishable at this stage. No material of any kind has been produced to which it can be assumed that the finding of the CIT(A) is not justifiable. We dismiss the appeal of the assessee.
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