1983 (7) TMI 35 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee, allowing the deduction of Rs. 11,33,190 as a bad debt in the assessment year 1974-75. The court held that the debt became bad and irrecoverable on March 31, 1974, due to the nationalization of the debtor mills, even before the formal nationalization on April 1, 1974. The Revenue's challenge was dismissed, and the tax case petition was rejected with no costs.