2007 (1) TMI 577

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....x Appellate Tribunal, Delhi Bench 'G' in Income-tax Appeal No. 4872/Delhi/2002 relevant for the assessment year 1995-96. 2. The only question that has arisen before us is about the writing off of a bad debt by the assessee. Section 36(1)(vii) of the Income-tax Act, 1961 reads as follows : "36. Other deductions.-(1) The deduction provided for in the following clauses shall be allowed in re....

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....against the assessee in the present case. Insofar as the assessee is concerned, the debt was written off as irrecoverable and must be presumed, unless the contrary is shown, to be a bad debt. 6. We may note that another Division Bench of this Court in CIT v. Morgan Securities & Credits (P.) Ltd. [IT Appeal No. 1442/2006, dated 7th December, 2006], concluded, on a reading of Circular No. 551, date....