https://www.taxtmi.com/caselaws?id=181394 The appeal filed by Revenue challenging the deletion of an addition of Rs. 14,00,000 representing bad debts written off was dismissed. The Court found that the conditions under section 36(1)(vii) for claiming bad debt deduction were fulfilled, including the debt being in respect of the business carried on by the assessee and becoming bad. The Court accepted that claiming bad debt in the year it became bad is not mandatory and can be done in later years. Citing precedent, the Court held that amounts not recoverable and written off in money lending business are allowable as bad debts, leading to the dismissal of the appeal. en-us Wed, 11 Feb 2009 00:00:00 +0530 Sat, 16 Apr 2016 10:39:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181394 The appeal filed by Revenue challenging the deletion of an addition of Rs. 14,00,000 representing bad debts written off was dismissed. The Court found that the conditions under section 36(1)(vii) for claiming bad debt deduction were fulfilled, including the debt being in respect of the business carried on by the assessee and becoming bad. The Court accepted that claiming bad debt in the year it became bad is not mandatory and can be done in later years. Citing precedent, the Court held that amounts not recoverable and written off in money lending business are allowable as bad debts, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 11 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181394