2025 (1) TMI 709

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....warakanath, A.S.G. Mr. Nachiketa Joshi, Sr. Adv. Mr. Rupesh Kumar, Sr. Adv. Mr. Raj Bahadur Yadav, AOR Mr. Udai Khanna, Adv. Mr. Annirudh Sharma Ii, Adv. Mr. Akshay Nain, Adv. Mr. Atulesh Kumar, Adv. Mr. A K Kaul , Adv For the Respondent : Mr. Percy Pardiwala, Sr. Adv. Mr. K. R. Sasiprabhu, AOR Mr. Amit Mathur, Adv. Mr. Vishnu Sharma A S , Adv ORDER UPON hearing the counsel the Court made....

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....imately be written off and they cannot be construed as a liability in the hands of the person who is to receive the outstanding dues. Thereafter, this Court in the case of "VIJAYA BANK VS. COMMISSIONER OF INCOME TAX 2010 (323) ITR 166 (SC)," observed that ultimately a bad debt can only be written off in its books of account by way of a debit to profit and loss account and simultaneously reducing c....