https://www.taxtmi.com/caselaws?id=220103 The High Court upheld the Tribunal's decision in a tax case involving the interpretation of provisions under the Income Tax Act, 1961. The Court ruled that the deduction for bad debts under Section 36(1)(vii) should be reduced by the opening balance in the provision for bad and doubtful debts account, as per CBDT Circular No. 17/2008. The Court emphasized the binding nature of CBDT circulars and dismissed the Revenue's appeals, affirming the Tribunal's judgment. en-us Wed, 27 Jun 2012 00:00:00 +0530 Wed, 09 Jan 2013 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220103 The High Court upheld the Tribunal's decision in a tax case involving the interpretation of provisions under the Income Tax Act, 1961. The Court ruled that the deduction for bad debts under Section 36(1)(vii) should be reduced by the opening balance in the provision for bad and doubtful debts account, as per CBDT Circular No. 17/2008. The Court emphasized the binding nature of CBDT circulars and dismissed the Revenue's appeals, affirming the Tribunal's judgment. Case-Laws Income Tax Wed, 27 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220103