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        Case ID :
        Income Tax

        How to deal with a case where contract revenue is not recorded in the books of account, but offered to tax as per ICDS, and turns bad.

        22 August, 2017

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        Manual - ICDS III : Construction Contracts

        An assessee cannot write-off a debt which was not recorded in the books of account but offered to tax. In this case ICDS cannot be invoked to claim deduction of uncollectible amounts as the same cannot be written-off in the books of account. The deduction under such a situation would, however, be available by virtue of second proviso to section 36(1)(vii) under which bad debts could be claimed as deduction without a write off in books of account under condition that the amount of debt or part thereof has been taken into account in computing the income of the assessee of the previous year in which the amount of such debt or part thereof becomes irrecoverable or of an earlier previous year.

         

        Bad debt deduction available without book write off when previously taxed income becomes irrecoverable under the statutory proviso. If contract revenue was offered to tax under ICDS but not recorded in the books and later becomes irrecoverable, it cannot be written off in the absence of a book entry; instead, deduction may be claimed under the statutory proviso allowing bad debt deduction without book write off where the amount was taken into account in computing income in the previous year in which it became irrecoverable or an earlier year.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Bad debt deduction available without book write off when previously taxed income becomes irrecoverable under the statutory proviso.

                              If contract revenue was offered to tax under ICDS but not recorded in the books and later becomes irrecoverable, it cannot be written off in the absence of a book entry; instead, deduction may be claimed under the statutory proviso allowing bad debt deduction without book write off where the amount was taken into account in computing income in the previous year in which it became irrecoverable or an earlier year.


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