Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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.
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
