Bombay High Court Rules in Favor of Insurance Corporation on Deduction of Bad Debt Reserve. Held That Crediting Reserve for Doubtful Debts Constitutes Write-Off Under Section 36(1)(vii) of Income Tax Act, 1961, and Rule 5(a) of First Schedule Does Not Apply.
26 Jul 2005In this appeal before the Bombay High Court, the assessee, a general insurance corporation, challenged the Income Tax Appellate Tribunal's decision re...
