Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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 Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of Assessee wrote off provision for bad and doubtful debts by debiting profit and loss account and reducing corresponding amount from loans and advances to debtors in balance sheet. CIT(A) erred in holding assessee failed to demonstrate amounts were written off as irrecoverable. Records show amounts were written off by deducting them in P&L account and set off properly recorded in balance sheet. As per Supreme Court ruling in Vijaya Bank case, to claim deduction u/s 36(1)(vii), it's not necessary to close individual debtor accounts; writing off by debiting P&L and reducing corresponding asset side entry suffices. Hence, assessee is eligible for deduction and appeal allowed.
TaxTMI 
TaxTMI 
