https://www.taxtmi.com/caselaws?id=34556 The High Court upheld the ITAT's decision in favor of the assessee, M/s. Himachal Pradesh Financial Corporation (HPFC), regarding the correct writing off of bad debts under Section 36(1)(vii) of the Income-tax Act. However, the Court ruled in favor of the Revenue on the consideration of the amended provision of Section 36(1)(viia)(c), limiting the deduction for bad debts to 5% of total income. The case was remanded to the Assessing Officer for reassessment in line with the 5% deduction limit specified in the amended section. en-us Tue, 01 Sep 2009 00:00:00 +0530 Sun, 02 May 2010 22:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34556 The High Court upheld the ITAT's decision in favor of the assessee, M/s. Himachal Pradesh Financial Corporation (HPFC), regarding the correct writing off of bad debts under Section 36(1)(vii) of the Income-tax Act. However, the Court ruled in favor of the Revenue on the consideration of the amended provision of Section 36(1)(viia)(c), limiting the deduction for bad debts to 5% of total income. The case was remanded to the Assessing Officer for reassessment in line with the 5% deduction limit specified in the amended section. Case-Laws Income Tax Tue, 01 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34556