Interest from Lending business is taxable as Business Income and write off of bad debt allowable U/s. 36(1)(vii) read with Section 36(2)

Zen Industrial Services Ltd. Vs DCIT (ITAT Kolkata) 1. This appeal by the Assessee arises out of the order of the Learned Commissioner of Income Tax(Appeals)-2, Kolkata [in short the ld CIT(A)] in Appeal No.304/CIT(A)- 2/15-16 dated 05.09.2016 against the order passed by the DCIT, Circle-5(1), Kolkata [ in short the ld AO] under section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 20.03.2015 for the Assessment Year 2012-13. 2. The only issue to be decided in this appeal is as to whether the Ld. CIT(A) was justified in upholding the disallowance of write off of outstanding ...