1996 (1) TMI 2

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..... e assessee writing off the advances, the same would become bad debt and could be so dealt by the assessee as permitted by the relevant section of the Income-tax Act, 1961 - on the advances becoming bad debts, refund of tax paid on the interest could be claimed by the assessee in accordance with law
KULDIP SINGH AND B. L. HANSARIA JJ. For the Appellants : J. Ramamurthy and B. B. Ahuja, Senior A .....

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..... e same would become bad debt and could be so dealt by the assessee as permitted by the relevant section of the Income-tax Act, 1961. In the aforesaid paras, however, it came to be stated that on the advances becoming bad debts, refund of tax paid on the interest could be claimed by the assessee in accordance with law. It is apparent that the majority in State Bank or Travancore's case [1986] 1 .....

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