Deduction U/s. 36(1)(vii) for Bad debts for income offered to tax during earlier year cannot be disallowed

Advertisement Indo Nabin Projects Ltd. (Formerly Indo Power Projects Ltd.) Vs DCIT (ITAT Kolkata) The assessee stated that M/s Andrew Yule & Co. Ltd., Central Government Undertaking had closed their project division. M/s Gridco is a State Government Undertaking, Government of Orissa. The assessee further stated that despite the efforts taken by the assessee to recover this sundry debtor dues from these three parties, the assessee could not recover the same. Accordingly, the said trade debts were duly written off in the books of accounts of the assessee during the year under consideratio...