https://www.taxtmi.com/caselaws?id=420150 The ITAT allowed the assessee's appeals for AY 2010-11 and 2011-12, directing the AO to delete the disallowed provisions for doubtful debts and advances. The Tribunal held that the method of debiting provisions in the profit and loss account and adjusting them in the balance sheet constituted an actual write-off, meeting the requirements for deductions under Section 36(1)(vii) and Section 37 of the Income Tax Act. The decision was based on the principles established in the Supreme Court's ruling in Vijaya Bank and the ITAT's own precedents. en-us Wed, 23 Mar 2022 00:00:00 +0530 Sun, 27 Mar 2022 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420150 The ITAT allowed the assessee's appeals for AY 2010-11 and 2011-12, directing the AO to delete the disallowed provisions for doubtful debts and advances. The Tribunal held that the method of debiting provisions in the profit and loss account and adjusting them in the balance sheet constituted an actual write-off, meeting the requirements for deductions under Section 36(1)(vii) and Section 37 of the Income Tax Act. The decision was based on the principles established in the Supreme Court's ruling in Vijaya Bank and the ITAT's own precedents. Case-Laws Income Tax Wed, 23 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420150