TMI Blog1999 (9) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... tax Appellate Tribunal to forward the statement of case in respect thereof under section 256(2) of the Income-tax Act, 1961: "Whether, the Appellate Tribunal is right in law and on facts in con firming the order passed by the Commissioner of Income-tax (Appeals) delet ing the addition of Rs. 4,36,307 on account of bad debt observing that in view of the amended provisions of section 36(1)(vii) th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls Ltd. incurred losses and ultimately closed down its business on January 24, 1984, and therefore Abhay Textiles could not realise its money from that company and the assessee, in turn, could not realise its dues from Abhay Textiles. According to the Assessing Officer, the assessee could not prove that the debt had become bad and that the assessee did not try to recover the amount and further tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction was to be allowed in computing the income referred to in section 28 of the Act of the amount of any bad debt or part thereof which is written off as irrecoverable in the accounts of the assessee for the previous year subject to the provisions Of sub-section (2). Prior to the amendment from April 1, 1989, the allowance under this clause was confined to the debts and loans which had become irr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
