1988 (1) TMI 15

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... hin Bench: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that a sum of Rs. 19,54,685 due from M/s. Koolfoam Pvt. Ltd. and a sum of Rs. 1,67,160 due from M/s. Stella Rubber Works should be treated as the assets of the firm of M/s. Heaveatex Rubber Co. in computing the value of the interest of the assessee in the said firm for the purpose of wealth .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... held in paragraph 5 of its order as follows: " 5. We have considered the matter. It is not disputed that the claim of the firm to write off of the amount as bad debt has been disallowed in the income-tax assessment. This has become final. The firm cannot, therefore, claim the amount as bad debt in spite of the fact that the same has been written off in the accounts. When this is the position as .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X