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2022 (5) TMI 54 - HC - Income TaxClaim of bad debt/ trading loss of the amount advanced by assessee in the course of its money leading activity - ITAT rejected the claim - Substantial question of law or fact - HELD THAT:- We find that the claim of bad debts made by the appellant / assessee was found unacceptable by the Tribunal, inasmuch as for treating a debt as having turned bad, it is necessary to make an objective decision on the facts as to the impossibility of collection/recovery of the debt, such an opinion must be honest and ought to be made after taking into account all the relevant factors, whereas the opinion of the appellant was not honest nor objective, keeping in view the relevant factors. Therefore, the Tribunal rejected the plea of the assessee and confirmed the order of the Commissioner of Income Tax (Appeals). Whether a debt turned bad is a question of fact, which would clear from the Judgment of the Supreme Court in Travancore Tea Estates Co. Ltd. v. CIT [1997 (12) TMI 10 - SC ORDER] wherein held as well settled that whether a debt has become bad or the point of time when it became bad are pure questions of fact We find no reason to interfere with the concurrent findings of the Authorities below inasmuch as whether a debt is bad, being essentially a question of fact. As the appellant has not made out any question of law much less substantial question of law, this tax case appeal deserves to be dismissed and is accordingly, dismissed.
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