Supreme Court permits bad debt deductions u/s 36(1)(vii) of Income Tax Act for pre-April 1, 1989 period.

Supreme Court permits bad debt deductions u/s 36(1)(vii) of Income Tax Act for pre-April 1, 1989 period. https://www.taxtmi.com/highlights?id=5631 Deduction u/s 36(1)(vii) - bad debts - period prior to 1st April, 1989 - applying the commercial test and business exigency test, both the conditions u/s 36(1)(vii) r.w.s. 36(2)(i)(b) are satisfied. Deduction allowed - SC en-us Fri, 28 Sep 2012 08:25:30 +0530 Fri, 28 Sep 2012 08:25:30 +0530 TaxTMI RSS Generator Supreme Court permits bad debt deductions u/s 36(1)(vii) of Income Tax Act for pre-April 1, 1989 period. https://www.taxtmi.com/highlights?id=5631 Deduction u/s 36(1)(vii) - bad debts - period prior to 1st April, 1989 - applying the commercial test and business exigency test, both the conditions u/s 36(1)(vii) r.w.s. 36(2)(i)(b) are satisfied. Deduction allowed - SC Highlights Income Tax Fri, 28 Sep 2012 08:25:30 +0530 https://www.taxtmi.com/highlights?id=5631