Loan Disclosed under VDIS can be claimed as bad debt if same become irrecoverable

HIGH COURT OF GUJARAT Commissioner of Income-tax versus Garden Finance Ltd. TAX APPEAL NO. 2317 OF 2009 AUGUST 3, 2012 JUDGMENT J.B. Pardiwala, J. This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) is at the instance of the Revenue and is directed against an order dated 15th May, 2009, passed by the Income Tax Appellate Tribunal, “D” Bench, Ahmedabad in ITA No. 1070/AHD/2000 for Assessment Year 1996-97. 2. The facts giving rise to filing of this appeal may be summed up thus: The assessee filed his Return o...