https://www.taxtmi.com/caselaws?id=36079 Debit of the profit and loss account and credit to a bad debt reserve account was treated as sufficient writing off of debts as irrecoverable under Section 36(1)(vii) read with Section 36(2)(i)(b) of the Income-tax Act, 1961. The court examined the statutory requirement against the earlier Act and the assessee's accounting entries, and distinguished the revenue's objection that the debtor's individual account was not squared off. On that reasoning, the entries were accepted as compliance with the write-off condition, and the bad debt deduction was allowed. en-us Wed, 20 Aug 1980 00:00:00 +0530 Fri, 19 Mar 2010 12:09:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36079 Debit of the profit and loss account and credit to a bad debt reserve account was treated as sufficient writing off of debts as irrecoverable under Section 36(1)(vii) read with Section 36(2)(i)(b) of the Income-tax Act, 1961. The court examined the statutory requirement against the earlier Act and the assessee's accounting entries, and distinguished the revenue's objection that the debtor's individual account was not squared off. On that reasoning, the entries were accepted as compliance with the write-off condition, and the bad debt deduction was allowed. Case-Laws Income Tax Wed, 20 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36079