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        Case ID :
        Income Tax

        Under ICDS X, whether reversal of an asset and the related income would mean that the entry which was originally passed for recognition of the asset and the income should be reversed, or whether the asset should be written off as a bad debt under section 36(1)(vii).

        2 September, 2017

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        Manual - ICDS X : Provisions, Contingent Liabilities & Contingent Assets

        Since the ICDS provides that the provisions of the Income-tax Act would prevail over the provisions of ICDS in case of conflict between the
        two, the provisions of section 36(1)(vii) should apply.

         

        Supremacy of tax law: reversal of an ICDS-recognised asset must follow tax deduction rules, permitting write-off as bad debt. Reversal of an asset and related income recognised under ICDS X must conform to the Income-tax Act where conflicts arise; the Act's tax-deduction treatment applies, allowing write-off as a bad debt rather than simply reversing the original accounting recognition entry.
                        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.

                              Supremacy of tax law: reversal of an ICDS-recognised asset must follow tax deduction rules, permitting write-off as bad debt.

                              Reversal of an asset and related income recognised under ICDS X must conform to the Income-tax Act where conflicts arise; the Act's tax-deduction treatment applies, allowing write-off as a bad debt rather than simply reversing the original accounting recognition entry.


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