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Deduction of Bad Debts for Ongoing and Terminated Chits Allowed; Can Be Business Loss u/s 28(i) IT Act.
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....Deduction of bad-debts relating to running and terminated chits - the claim of the assessee for deduction of bad debts written off is also allowable alternatively as business loss u/s 28(i)....
TaxTMI
TaxTMI