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Case Law Details

Case Name : CIT vs. Bonanza Portfolio (Delhi High Court)
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In a  recent ruling Delhi High Court (HC) [226 CTR 468] in the case of CIT vs. Bonanza Portfolio (Taxpayer). The HC held that the Taxpayer, who is a share broker, is eligible to claim deduction for bad debts, pursuant to Section 36(1)(vii)of the Indian Tax Law (ITL). The ITL provides that a debt, which is written off in the books of account, is allowable as a bad debt, if the same had been taken into account in computing the income of the financial year in which the debt is written off or in any earlier financial year.

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0 Comments

  1. Niraj says:

    Does it mean that a Share Broker who have earned 1 crore from brokerage on turnover of 100 crore & has written off bad debts of 1 crore will not be required to pay any tax as the profit it NIL?

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