2008 (2) TMI 399

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....respondent. JUDGMENT 1. The appeal is preferred on the following questions: "(i) Whether, on the facts and in the circumstances of the case and in law, the hon'ble Tribunal is right in confirming the order of the Commissioner of Income-tax (Appeals) in deleting the disallowance of Rs. 79,27,211 on account of bad debt despite the debt has not become bad. (ii) Whether, on the facts and i....

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....of sub-section (1) and clause (i) of sub-section (2) of the section to provide that the claim for bad debt will be allowed in the year in which such a bad debt has been written off as inecoverable in the accounts of the assessee." 3. It is thus clear from the reading of the section itself and the circular that if the assessee has written off the debt as a bad debt, that would satisfy the purpos....