https://www.taxtmi.com/caselaws?id=13108 The High Court ruled against the assessee in a case involving the entitlement to write-off bad debts in reassessment proceedings under section 147. The Court held that bad debts should be reflected in the profit and loss account at the time of finalization of accounts, and reassessment proceedings do not permit the write-off of bad debts. The Tribunal's decisions allowing bad debts for certain assessment years were reversed, emphasizing that bad debts should be written off in the year in which they became bad. The Court also disagreed with the Tribunal's finding on true and full disclosure under the amnesty scheme, granting partial relief for some assessment years but upholding penalties for others. en-us Thu, 29 Nov 2001 00:00:00 +0530 Tue, 26 May 2009 13:52:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13108 The High Court ruled against the assessee in a case involving the entitlement to write-off bad debts in reassessment proceedings under section 147. The Court held that bad debts should be reflected in the profit and loss account at the time of finalization of accounts, and reassessment proceedings do not permit the write-off of bad debts. The Tribunal's decisions allowing bad debts for certain assessment years were reversed, emphasizing that bad debts should be written off in the year in which they became bad. The Court also disagreed with the Tribunal's finding on true and full disclosure under the amnesty scheme, granting partial relief for some assessment years but upholding penalties for others. Case-Laws Income Tax Thu, 29 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13108