https://www.taxtmi.com/caselaws?id=290344 The court ruled in favor of the assessee regarding the deduction claimed for doubtful debts for the assessment years 1996-97 and 1998-99. It held that the methodology followed by the assessee in writing off the debts complied with the provisions of section 36(1)(vii) of the Income Tax Act, 1961. The court emphasized that debiting doubtful debts to the profit and loss account and crediting another account like a bad debt reserve account constituted a valid write-off. The Revenue's appeals were dismissed based on this interpretation, affirming the decision in favor of the assessee. en-us Thu, 21 Feb 2013 00:00:00 +0530 Mon, 21 Sep 2020 12:45:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290344 The court ruled in favor of the assessee regarding the deduction claimed for doubtful debts for the assessment years 1996-97 and 1998-99. It held that the methodology followed by the assessee in writing off the debts complied with the provisions of section 36(1)(vii) of the Income Tax Act, 1961. The court emphasized that debiting doubtful debts to the profit and loss account and crediting another account like a bad debt reserve account constituted a valid write-off. The Revenue's appeals were dismissed based on this interpretation, affirming the decision in favor of the assessee. Case-Laws Income Tax Thu, 21 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290344