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advance payment to creditors

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(Querist)
09 January 2010 A company has made advance payment for machinery 500000.00/- , 7 years ago.
but the co. which was selling machinery became INSOLVENT & did not returned our advanced payment . co. w/o 500000 in P/L a/c. but ITO has added back 500000 in income of the co.
PLEASE TELL ME WHAT CO. CAN DO IN THIS CASE TO ALLOW THE 500000.00 .
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
10 January 2010 Before u w/o have u exhausted all legal means to get back the payment if u have, submit those papers to back your claim to the ITO along with an application u/s 154 to rectify the mistake. If u cannot back up accept the ruling.There are number of cases on Bad debts w/o but u should be able to convince the authorities your claim is genuine.
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