Tribunal had evidence to hold that debt had become bad, SC.
Nov. 14, 2015
Assessee Co. claimed amount due in a/c of N written off as irrecoverable. Two accounts of B & F transferred by assessees, to a/c of N & amalgamated with it. ITO disallowed claim holding, entire amount had become irrecoverable. AAC held assessee not entitled to treat entire amt. as bad debt. SC held, If debt had become bad, by its mere subsequent amalgamation unilaterally made by creditor with recoverable debt. Debt cease to be bad.-010529