Once commissioner/brokerage is credited in P&L account of assessee broker and entire debit balance including principal and brokerage is found irrecoverable and is written off in books by assessee, same can be allowed as bad debt allowable u/s 36(1)(vii)

DECIDED BY: ITAT `B’ BENCH, AHMEDABAD, IN THE CASE OF: Madhur Shares & Stock Pvt. Ltd. Vs. ACIT, APPEAL NO: ITA Nos. 615/Ahd/2005 and 704/Ahd/2005, DECIDED ON May 31, 2005 _______ORDER_____ PER SHRI D.C. AGRAWAL. These are the two appeals for the assessment year 2001-02 arising from the order of Ld. C.I.T.(A) dated 24-12-2004, one filed by the assessee and the other filed by the Revenue. ITA.615-704-05 A.Y.01-02 2. Since common issues and arguments are involved they are taken up together for the sake of convenience. 3. In the Departmental appeal following grounds are raised :- ...