Dismissing the appeal of the Tribunal the Court held that  the Tribunal was right in allowing the bad debts. The issue had already been considered and decided in favour of the assessee in judgment dated December 6, 2021 wherein it was held that section 36(1)(vii) provides for allowance of bad debt or part thereof, which is written off as irrecoverable in the accounts of the assessee for the previous year and that the Tribunal had found that the memorandum and articles of association permitted the assessee to carry on the business of money lending and the transactions in question were within the realm of assessee’s business activity.(AY. 2004-05)