2022 (7) TMI 1163

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..... am Jain, Advocate. J U D G M E N T MANMOHAN, J (Oral): C.M.No.7947/2020 Keeping in view the averments in the application, the delay in refiling the appeal is condoned. Accordingly, the application stands disposed of. ITA No.159/2020 1. Present appeal has been filed challenging the order dated 04th July 2019 passed by the Income Tax Appellate Tribunal [ITAT] and for seeking restoration of th .....

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..... h M/s Max New York Life Insurance Company for the Financial Year 2007-08 and 2008-09. He emphasises that, thereafter, the Assessee company had not entered into any transactions with M/s Max New York Life Insurance Company. In support of his contention, he relies upon the Submissions filed by the Respondent before the CIT(A). 4. Mr.Jain also draws this Court's attention to the Reconciliation of In .....

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..... llant       40,753,938 (emphasis supplied) 5. Having heard learned counsel for the parties, this Court is of the view that Section 36(1)(vii) r/w Section 36(2) of the Act provides that in order to claim deduction on account of bad debts, two conditions have to be met by the Assessee i.e. (i) the bad debts must have been taken into account in computing the income of the Ass .....

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