TMI Blog2008 (12) TMI 674X X X X Extracts X X X X X X X X Extracts X X X X ..... ther, on the facts and in the circumstances of the case, the Tribunal ought to have appreciated that the appellant had properly evaluated and assessed the recoverability of the loans while arriving on the amount which in their opinion is not recoverable and hence was not right in holding that the debts written off have not become bad during the year ? Held that:- The disallowance of the claim f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aman JUDGMENT Mrs. Prabha Sridevan J.-The following substantial questions of law are raised in this tax case: 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amounts of loans and advances outstanding written off by the appellant as not recoverable is not deductible while computing its income? 2. Whether, on the facts and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estments 6 37.49 5. Companies under liquidation 2 33. 82 6. Joint finance case 1 12.28 The Assessing Officer granted relief only with regard to some of the claims and disallowed most of them. On appeal, the Commissioner of Income-tax (Appeals), partly allowed the appeal. He again accepted some of the claims of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... defaulter and the assessee took possession of the unit. The Assessing Officer did not allow deduction on the ground the recovery value of the assessee plus the amount that was guaranteed by the directors should be sufficient to meet the entire outstanding. The Commissioner of Income-tax (Appeals) also held that the landed value must have gone up. We feel that the disallowance of the claim for wr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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