TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Supreme Court Confirms: No Need to Prove Irrecoverability for Bad Debt Deductions Under Income-Tax Act, Section 36(1)(vii.</h1> The circular from the Central Board of Direct Taxes addresses the admissibility of bad debt deductions under the Income-Tax Act, 1961. It clarifies that after the amendment of the Act effective from April 1, 1989, it is not necessary for the assessee to prove that a debt is irrecoverable to claim a deduction under section 36(1)(vii). The Supreme Court's ruling in the case of a company confirmed that writing off the debt as irrecoverable in the books is sufficient. Consequently, no further appeals should be filed on this matter, and existing appeals should be withdrawn.
TaxTMI 
TaxTMI 
