High Court affirmed the order of the Tribunal wherein the Tribunal allowed the bad debt on the ground that the same was incurred in the ordinary course of business.
PCIT v. Gujarat Lease Financing Ltd. (2024) 296 Taxman 73 (SC) Editorial : Refer, PCIT v. Gujarat Lease Financing Ltd(2023) 155 taxmann.com 635 (Guj)(HC)
S. 268A : Appeal-Instructions-Circulars-Monetary limits-Bad debt-Lease and finance-SLP filed by revenue against said impugned order was to be dismissed as, in terms of CBDT Circular No. 17/2019 dated 8-8-2019, tax amount on which notice had been issued, was less than Rs. 2 crores.[S. 36(1)(vii)]