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ITAT Delhi Backs Assessee on NSEL Bad Debt Claim
Case Law Details
- Case Name
- ACIT Vs Syed Habibur Rehman (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Syed Habibur Rehman (ITAT Delhi)
Income Tax Appellate Tribunal (ITAT) Delhi has dismissed an appeal by the Income Tax Department, affirming the deletion of a ₹1.50 crore disallowance claimed by Syed Habibur Rehman as bad debts for Assessment Year 2014-15. The Tribunal reiterated that after the 1989 amendment to the Income Tax Act, it is sufficient for an assessee to merely write off a debt as irrecoverable in their books of account; proving the debt has actually become irrecoverable is no longer a prerequisite.
The ruling addresses a dispute arising from commodity trading activities ...
