https://www.taxtmi.com/circulars?id=8815 Debts owed by textile mills taken over by State corporations may be doubtful rather than strictly bad where statutory provisions bar suits or stay remedies; legislative history suggests Section 36(1)(vii) should be read to permit allowance for doubtful debts. Income tax officers are directed to examine supplier claims sympathetically, assessing the mill's financial position, chance of recovery and other relevant circumstances before allowing deductions for such doubtful debts. en-us Fri, 21 Jan 1972 00:00:00 +0530 Fri, 27 May 2011 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8815 Debts owed by textile mills taken over by State corporations may be doubtful rather than strictly bad where statutory provisions bar suits or stay remedies; legislative history suggests Section 36(1)(vii) should be read to permit allowance for doubtful debts. Income tax officers are directed to examine supplier claims sympathetically, assessing the mill's financial position, chance of recovery and other relevant circumstances before allowing deductions for such doubtful debts. Circulars Income Tax Fri, 21 Jan 1972 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8815