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Advances for purchase of vehicles/plant/machinery allowable as bad debt
Case Law Details
- Case Name
- PCIT Vs Hybrid Financial Services Ltd (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2001-02
- Courts
- All High Courts, Bombay High Court
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PCIT Vs Hybrid Financial Services Ltd (Bombay High Court)
Under Section 36(1)(vii) of the Act, the amount of any bad debt or any part thereof which is written off as irrecoverable in the accounts of the assessee for the previous year is to be allowed as deduction in computing income under Section 28 of the Act.
It is a settled position in law that after 01.04.1989, it is not necessary for the assessee to establish or prove that the debt has in fact become irrecoverable but it would be sufficient if the bad debt is written off as irrecoverable in the accounts of the assessee. T...
