TaxTMI 
TaxTMI 
2007 (5) TMI 221
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....on raised in this appeal filed by the Revenue is as to whether the Income-tax Appellate Tribunal (in short as "the Tribunal") was right in deleting the addition of Rs. 31,62,238 made by the Assessing Officer with regard to the deduction claimed by the assessee for bad debts under section 36(1)(vii) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). 2. The assessee is engaged in t....
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....sequently, and the Assessing Officer has himself allowed the claim for the balance amount, even though approval has been received after the close of the previous year. It was further held that the approval from the Reserve Bank of India is not a mandatory condition for writing off, under the provisions of the Act and as such the addition of Rs. 31,62,238 was deleted. 4. The Revenue challenged the....
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....,238 ought to have been considered by the Assessing Officer inasmuch as both the approvals have been received subsequent to the previous year relevant to the assessment year. Besides this, as per the provisions of section 36(1)(vii) of the Act, the assessee is required to write off bad debts in its books of account which have been written off during the previous year relevant to the assessment yea....