https://www.taxtmi.com/caselaws?id=267096 The Tribunal upheld the CIT(A)'s decision to allow the deduction for bad debts claimed by the assessee. It emphasized that post-amendment provisions of section 36(1)(vii) only require the debt to be written off as irrecoverable in the accounts, without proving it as bad debt. The Tribunal recognized the nature of the assessee's business, treating receivables as stock in trade, justifying the deduction under section 36(1)(vii) and section 28 of the Act. The revenue's appeal was dismissed. en-us Thu, 24 Sep 2015 00:00:00 +0530 Fri, 30 Oct 2015 06:31:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267096 The Tribunal upheld the CIT(A)'s decision to allow the deduction for bad debts claimed by the assessee. It emphasized that post-amendment provisions of section 36(1)(vii) only require the debt to be written off as irrecoverable in the accounts, without proving it as bad debt. The Tribunal recognized the nature of the assessee's business, treating receivables as stock in trade, justifying the deduction under section 36(1)(vii) and section 28 of the Act. The revenue's appeal was dismissed. Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267096