ITAT Allows Bad Debt Deduction as Unrecoverable Subsidy Already Been Recognised as Income

Indian Potash Limited Vs DCIT (ITAT Delhi) Bad Debt Claim Allowed as Section 36(2) Covers Income Recognised in Same or Earlier Year; Revenue’s Challenge to Higher Depreciation on POS Machines Rejected Due to Binding Precedent; Higher Depreciation on SAP Licence Upheld Because Software Qualified for Applicable Rate; ITAT Rejects Disallowance of Subsidy Write-Off Because Unrecoverable Amount Could Not Remain Taxable Income. The assessee and the Revenue filed cross appeals against the order of the Commissioner of Income Tax (Appeals), Delhi-23, for Assessment Year 2018-19. The Revenue chall...