Bad debts written off in books allowable  

PCIT Vs Nilgiri Financial Consultants Ltd. (Delhi High Court) Court is of the view that Section 36(1)(vii) r/w Section 36(2) of the Act provides that in order to claim deduction on account of bad debts, two conditions have to be met by the Assessee i.e. (i) the bad debts must have been taken into account in computing the income of the Assessee of previous year or of an earlier/previous year and; (ii) the bad debts should have been written off in the accounts of the Assessee. In the present case, the CIT(A) has given a finding of fact that the amounts claimed as bad debts had been taken into ac...