1988 (11) TMI 79 - HC - Income Tax

Summary

The High Court of Punjab and Haryana allowed the assessee-firm's claim of Rs. 38,686 as a bad debt for the assessment year 1976-77. The Tribunal ruled in favor of the assessee, considering it a business loss or expenditure incurred in earning commission income. The liability fell on the assessee as per the selling agency agreement terms. The decision was in favor of the assessee, with no costs awarded.