https://www.taxtmi.com/caselaws?id=769172 The SC reviewed an income tax appeal concerning bad debt provisions. The key issue was whether the assessee correctly claimed deduction under Section 36(i)(vii) by debiting provisions. The Court found the Tribunal's order insufficiently examined statutory compliance, specifically the requirement of both Profit & Loss Account debit and balance sheet asset reduction. The SC remanded the matter for de novo assessment, directing a detailed verification of accounts within six months and compliance with established legal principles. en-us Wed, 26 Mar 2025 00:00:00 +0530 Mon, 21 Apr 2025 08:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769172 The SC reviewed an income tax appeal concerning bad debt provisions. The key issue was whether the assessee correctly claimed deduction under Section 36(i)(vii) by debiting provisions. The Court found the Tribunal's order insufficiently examined statutory compliance, specifically the requirement of both Profit & Loss Account debit and balance sheet asset reduction. The SC remanded the matter for de novo assessment, directing a detailed verification of accounts within six months and compliance with established legal principles. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769172