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of <h1>ICDS X Asset Reversal: Should It Be Written Off as Bad Debt u/s 36(1)(vii) of Income-tax Act?</h1> Under ICDS X, the issue is whether the reversal of an asset and related income necessitates reversing the original entry for asset recognition or if the asset should be written off as a bad debt under section 36(1)(vii) of the Income-tax Act. Given that the Income-tax Act's provisions take precedence over ICDS in case of conflicts, section 36(1)(vii) should apply, indicating that the asset should be written off as a bad debt.
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