https://www.taxtmi.com/caselaws?id=185715 The Tribunal allowed the appeal in favor of the assessee concerning the deduction of bad debt under sections 36(1)(vii) and 36(2) of the Income Tax Act, 1961. The Tribunal held that the bad debt was eligible for deduction as it was written off as irrecoverable in the accounts, and the Inter Corporate Deposit (ICD) qualified as a debt under the law. Additionally, the Tribunal directed verification of the accounting method used for excise duty on closing stock valuation, emphasizing compliance with legal provisions and proper accounting practices. en-us Fri, 05 Aug 2011 00:00:00 +0530 Wed, 24 Aug 2016 12:45:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185715 The Tribunal allowed the appeal in favor of the assessee concerning the deduction of bad debt under sections 36(1)(vii) and 36(2) of the Income Tax Act, 1961. The Tribunal held that the bad debt was eligible for deduction as it was written off as irrecoverable in the accounts, and the Inter Corporate Deposit (ICD) qualified as a debt under the law. Additionally, the Tribunal directed verification of the accounting method used for excise duty on closing stock valuation, emphasizing compliance with legal provisions and proper accounting practices. Case-Laws Income Tax Fri, 05 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185715