Write-off of Advances after closure of books not allowable

Maharashtra Film Stage and Cultural Development Corporation Ltd. Vs ACIT (ITAT Mumbai)

The assessee had written off the bad debt as per the Board Resolution dt.5.6.2009 after the closing of books of accounts. The Assessing Officer had disallowed the claim on the ground that books of accounts were closed on 31.3.2009 whereas bad debts were written off as per Board Resolution dt.5.6.2009. The ld. CIT(A) had dismissed the appeal of the assessee stating that decision of writing off of bad debts was taken much later on after clos

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