Loss of investment not allowable as business loss and for claiming an amount as bad debt conditions specified in section 36(2)(i) are required to be fulfilled

The Joint Commissioner of Income Tax Vs. M/s Video-con Industries Ltd. ITAT Mumbai I.T.A. No. 7252/Mum/2007 (Assessment Year: 2003- 04) Dated= 20.05.2011 ORDER Per R.V.Easwar, President: This is an appeal by the revenue and the only effective ground is that the CIT(A) erred in allowing the claim for deduction of bad debts under section 36(1)(vii)of the Income Tax Act. 2. The appeal arises this way. The assessee is a public limited company engaged in the business of leasing and providing services. The assessment for the year under appeal was originally completed under section...