Bombay High Court Allows Appeal in Income Tax Bad Debt Deduction Case — Tribunal Erred in Rejecting Claim Under Section 36(1)(vii) of Income Tax Act, 1961. The court held that once the assessee writes off a debt as irrecoverable in its books, the condition for deduction is satisfied, and the Assessing Officer cannot substitute his own opinion.
18 Jul 2022The appellant, M/s. L.K.P. Merchant Financing Ltd., a Public Limited Company registered as a Non-Banking Finance Company engaged in lease finance, fil...
