KAMLA COTTON CO. versus COMMISSIONER OF INCOME-TAX
The deduction was ruled out due to bad and doubtful debt estimator, a cotton supplier and a dealer supplying a knitting company, and the company closed for five years due to financial difficulties. Handled under the Industries (Development and Regulation) Act. Under the Bombay Relief Undertakings Act, the notification to declare the company as a relief action, with respect to the court pending all rights and liabilities of the company and all proceedings withheld more assets than the liability of the company. Feasibility of Evaluating the Feasibility of Indebtedness as a Loan Loan for deduction of Indian Income Tax Act, 1961, Section 36 (1) (vii)
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