ITAT Allows Bad Debts Adjustment Against Provisions

Integra Engineering India Ltd Vs ACIT (ITAT Ahmedabad)  In a significant verdict, the Income Tax Appellate Tribunal (ITAT) Ahmedabad, in the case of Integra Engineering India Ltd vs. ACIT, has held that any adjustment made by the assessee on account of bad debts against previously created provisions constitutes actual writing off of bad debts in the books of accounts. The ITAT emphasized that the assessee should not be denied the benefit of bad debts merely because they were not claimed in the profit and loss account but adjusted against the provision of bad debts. Notably, the provision had ...