Section 36(1)(vii) of Income tax Act,1961 with changes wef 1.4.1989

T.R.F. Limited  Vs CIT (Supreme Court)

Explore the Supreme Court’s landmark decision on bad debt write-offs post-April 1, 1989. Assessing officers must consider the write-off in company accounts.

Prior to 1st April, 1989, every assessee had to establish, as a matter of fact, that the debt advanced by the assessee had, in fact, become irrecoverable. That position got altered by deletion of the word ‘established’, which earlier existed in Section 36(1)(vii) of the Income Tax Act, 1961 [`Act’, fo

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