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2012 (7) TMI 790 - ITAT, AHMEDABADDisallowance of claim of bad debts - Loan given to party - As per assessee’s claim that party turned out insolvent, therefore, the assessee had written off the loan – Held that:- Assessee is in the line of money lending business and this amount had been advanced as loan - assessee has written off this amount as per Section 36(1)(vii) in the books of account - disallowance rightly deleted - In favor of assessee
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