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High Court Clarifies: Bad Debt Deduction Doesn't Need to Arise from Income in Same Category for Inter-Corporate Debt.
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....Allowance of bad debts on account of inter corporate debt and advances - it is not necessary, rather there is no requirement under the Act that the bad debt has to accrue out of income under the same head i.e 'income from business or profession' to be eligible for deduction. This is not a requirement of law. - HC....