2002 (1) TMI 61 - HC - Income Tax

Summary

The appeal was against disallowance of deductions under section 36(2) and 36(1)(vii) of the Income-tax Act, 1961. The High Court dismissed the appeal as the provisions made for bad and doubtful debts were not allowable deductions due to an amendment. The court held that these amounts should not be considered as trading losses and upheld the decision of the authorities.