Madras High Court Allows Appeal in Income Tax Bad Debt Write-Off Case — Assessee Entitled to Deduction for Debts Written Off in Books Even if Not Recognized by Debtor. The court held that under Section 36(1)(vii) read with Section 36(2) of the Income Tax Act, 1961, the only condition for deduction of bad debts is that the debt must be written off as irrecoverable in the books of the assessee, and there is no requirement of acknowledgment by the debtor.
27 Jan 2025The appellant, M/s. Citadel Fine Pharmaceuticals Ltd., filed a return of income for assessment year 2009-10 under the Income Tax Act, 1961. The Assess...
