Bombay High Court Allows Deduction for Write-off of Debit Balances and Set-off of Unabsorbed Depreciation in Income Tax Appeal. The Court held that write-off of debit balances in sundry creditors and deposits is allowable as business loss, and unabsorbed depreciation can be set off against short term capital gains even after dissolution of the firm.
27 Sep 2023The appellant, Bond Safety Belts (Dissolved), was a partnership firm that was dissolved with effect from 6th December 2014. The appeal was filed throu...





