bad debts
This query is : Resolved
08 July 2009
A person wrote bad debts in profit & loss account,which has been disallowed by the assessing officer. The action of assessing officer is legally correct? Give answer with coding case laws.
08 July 2009
reply done.
08 July 2009
Hi,
It is suffice if you write off the account of such defaulter in the books of accounts otherwise the deduction will not be allowed. If you have written off the account in your books of account then A.O. is legally bound to allow the deduction. The action of the AO in such case is illegal & will not stand in appeal
It is suffice if you write off the account of such defaulter in the books of accounts otherwise the deduction will not be allowed. If you have written off the account in your books of account then A.O. is legally bound to allow the deduction. The action of the AO in such case is illegal & will not stand in appeal
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