https://www.taxtmi.com/caselaws?id=466418 Post-amendment law treats a debt written off in the taxpayer's books as sufficient for a tax deduction for bad debt; the assessee's write-off of 25% of receivables from a defaulter exchange meets that standard and therefore the deduction must be allowed. The Revenue's refusal-premised on ongoing investigations and unrealized seized assets-was rejected because irrecoverability need not be proved where the taxpayer has charged the amount off in its accounts, following the Supreme Court precedent in TRF Ltd. The appellate body dismissed the Revenue appeal and permitted the deduction in respect of the 25% write-off. en-us Fri, 28 Feb 2025 00:00:00 +0530 Fri, 06 Feb 2026 19:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466418 Post-amendment law treats a debt written off in the taxpayer's books as sufficient for a tax deduction for bad debt; the assessee's write-off of 25% of receivables from a defaulter exchange meets that standard and therefore the deduction must be allowed. The Revenue's refusal-premised on ongoing investigations and unrealized seized assets-was rejected because irrecoverability need not be proved where the taxpayer has charged the amount off in its accounts, following the Supreme Court precedent in TRF Ltd. The appellate body dismissed the Revenue appeal and permitted the deduction in respect of the 25% write-off. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466418