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)]

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.