2012 (6) TMI 12

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....s to the assessment year 2003-04. The assessee is the Esconet Services Ltd. and in the return of income it claimed deduction on account of write off of bad debts of Rs. 1,52,28,630/- under Section 36(i)(vii) read with Section 36(2)i) of the Income Tax Act, 1961. 2. The Assessing Officer disallowed the entire amount on the ground that the assessee did not make sufficient efforts to recover the m....

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....iled before the Tribunal it was found that the total debit of service charges amounting to Rs. 2,48,87,291/- included an amount of Rs. 92,27,630/- charged on 27.1.2003 and this entry was reversed as amount written off in the ledger account itself. The Tribunal therefore, held that the assessee was able to show that an amount of Rs. 92,27,630/- had earlier been taken into account as income earned b....