2017 (7) TMI 955

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....spondent : Csc (It),Praveen Kumar ORDER This Income Tax Appeal is directed against the order of the tribunal dated 28.7.2016 whereby two appeals of the appellant assessee for the assessment years 2007-08 and 2010-2011 were decided. However, in this appeal we are only concerned with the assessment year 2010-11. The appellant assessee in the relevant year has claimed deduction on account of....

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....the amount of bad debts which were unrecoverable and were to be written off. The report submitted by the Committee was placed before the Board of Directors of the Company and it was resolved to write off bad debts to the tune of Rs. 4,520.19 lacs and accordingly the same were written off for the financial year 2009-10. The deduction claimed to the above effect by the appellant assessee has been....

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....ecoverable in the accounts of the assessee subject to compliance of the conditions stipulated therein. There is no dispute that the conditions of the above provision stood duly satisfied but the tribunal for the reason that the bad debts were not properly written denied the deduction without considering any other material. In Vijya Bank Vs. Commissioner of Income Tax and another (2010) 323 I....

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....r the assessment year 2010-11 pursuant to the resolution of the Board of Directors of the Company taken during the financial year 2009-10 has actually written off the amount of Rs. 4520.19 lacs as bad debts. In other words, when a conscious decision is taken on consideration of the various factors that particular amount has become unrecoverable that is sufficient enough to write off the same as ba....