Bangalore ITAT: Write-Off in Books Is Enough for Bad Debt Claim; Ad-Hoc Expense Disallowance Struck Down

Excel Wirecut Inc. Vs ACIT (ITAT Bangalore) Bangalore ITAT: Write-Off in Books Is Enough for Bad Debt Claim; Ad-Hoc Expense Disallowance Struck Down The Bangalore ITAT granted relief to Excel Wirecut Inc. by allowing deduction for bad debts written off in the books and deleting an arbitrary disallowance of expenses. The Tribunal first condoned a substantial delay of 687 days in filing the appeal after being satisfied with the medical reasons and supporting records produced by the assessee. On the issue of bad debts, the Tribunal noted that the assessee had written off dues relating to customer...