https://www.taxtmi.com/caselaws?id=283340 The Appellate Tribunal, ITAT Chennai, dismissed the Revenue's appeal against the deletion of the addition of bad debts written off, amounting to &8377; 9,65,49,749/- for the assessment year 2001-02. Citing legal precedents, including decisions by the ITAT, Mumbai, Special Bench, the Bombay High Court, and the Supreme Court, it was established that if bad debts are written off as irrecoverable in the books of account, the deduction is allowable in computing taxable income. As the conditions for claiming the deduction were met by the assessee, the appeal by the Revenue was deemed to be dismissed. en-us Sat, 13 Nov 2010 00:00:00 +0530 Thu, 19 Sep 2019 14:35:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283340 The Appellate Tribunal, ITAT Chennai, dismissed the Revenue's appeal against the deletion of the addition of bad debts written off, amounting to &8377; 9,65,49,749/- for the assessment year 2001-02. Citing legal precedents, including decisions by the ITAT, Mumbai, Special Bench, the Bombay High Court, and the Supreme Court, it was established that if bad debts are written off as irrecoverable in the books of account, the deduction is allowable in computing taxable income. As the conditions for claiming the deduction were met by the assessee, the appeal by the Revenue was deemed to be dismissed. Case-Laws Income Tax Sat, 13 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283340