Court Rules Provisions for Doubtful Debts as Expenditure; Aligns with Accounting Principles on Investment Losses.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Provisions for doubtful debts allowed as a expenditure even though the same is not written off - as per prevalent accounting principles which clearly lay down that loss on sale of investment should be taken into account while determining the commercial income, the assessee is entitled to expenditure in respect of provision for doubtful debt. - HC....