Advance to Joint Venture company, allowed as bad debt on its being declared as sick

IN THE ITAT HYDERABAD BENCH ‘A’ Gulf Oil Corpn. Ltd. v/s. Assistant Commissioner of Income-tax  IT APPEAL NO. 649 (HYD.) OF 2010 [ASSESSMENT YEAR 1997-98] FEBRUARY 29, 2012 ORDER Smt. Asha Vijayaraghavan, Judicial Member – This appeal by the assessee for the assessment year 1997-98 is directed against the order of the Commissioner of Income-tax(Appeals)-III, Hyderabad dated 15.3.2010. 2. Assessee is in the business of manufacture and supply of explosives and detonators. Since most of the coal fields are located at West Bengal and as there was huge demand for...