Bad debts written off due to corporate restructuring scheme allowable

ACIT Vs Tamil Nadu Water Investment Co. Ltd. (ITAT Chennai) It is an undisputed fact that consequent to the CDR scheme, the assessee had written off the receivables from M/s. NTADCL as bad debt and the debt has become bad only due to corporate restructuring scheme. Moreover, in the books of account of M/s. NTADCL had accounted the remission of liability as income in the assessment years 2010-11 and 2011-12. Therefore, the interest income which was offered has become bad only due to corporate restructuring scheme, which shows that the receivable has become bad and also it was clarified that M/s...