Assessee's Bad Debt Write-Off Deemed Invalid for Tax Benefits; Deliberate Misrepresentation Detected by Authorities.

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....Disallowance of bad debt written off - assessee knowing to fact that its business going to discontinue from immediate subsequent year deliberately written off good debtor as bad debt in the books to reduce the tax liability - If the assessee was to avail the benefit of the provisions of law by using the colorable device, the same cannot be allowed to the assessee. - AT....