https://www.taxtmi.com/caselaws?id=126791 The High Court upheld the Tribunal's decision, ruling in favor of the assessee regarding the writing off of bad debts. The Court emphasized that board approval for bad debts is an internal matter and that compliance with statutory requirements, such as entries in the profit and loss account, suffices. The timing of board approval was deemed not to affect the eligibility for bad debts deduction, with accounts becoming final only after the board's resolution. As a result, the Court allowed the bad debts deduction, affirming the assessee's compliance and rejecting the Revenue's arguments. en-us Mon, 05 Nov 1990 00:00:00 +0530 Sat, 03 Dec 2016 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126791 The High Court upheld the Tribunal's decision, ruling in favor of the assessee regarding the writing off of bad debts. The Court emphasized that board approval for bad debts is an internal matter and that compliance with statutory requirements, such as entries in the profit and loss account, suffices. The timing of board approval was deemed not to affect the eligibility for bad debts deduction, with accounts becoming final only after the board's resolution. As a result, the Court allowed the bad debts deduction, affirming the assessee's compliance and rejecting the Revenue's arguments. Case-Laws Income Tax Mon, 05 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126791