https://www.taxtmi.com/caselaws?id=189287 The High Court of Calcutta upheld the Tribunal's decision, emphasizing compliance with section 36 of the Income-tax Act, 1961 for claiming deductions on bad debts. The Court affirmed that debiting the profit and loss account and crediting provisions for doubtful debts account constituted writing off bad debts as irrecoverable, aligning with accounting practices. The judgment stressed the importance of adhering to statutory provisions and recognized the Tribunal's reasonable interpretation, ruling in favor of the assessee on both issues related to the allowance of bad debts. en-us Thu, 30 Jan 1992 00:00:00 +0530 Wed, 04 Jan 2017 16:41:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189287 The High Court of Calcutta upheld the Tribunal's decision, emphasizing compliance with section 36 of the Income-tax Act, 1961 for claiming deductions on bad debts. The Court affirmed that debiting the profit and loss account and crediting provisions for doubtful debts account constituted writing off bad debts as irrecoverable, aligning with accounting practices. The judgment stressed the importance of adhering to statutory provisions and recognized the Tribunal's reasonable interpretation, ruling in favor of the assessee on both issues related to the allowance of bad debts. Case-Laws Income Tax Thu, 30 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189287