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Bad debts written for a party in fy 2021-2022

This query is : Resolved 
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(Querist)
11 August 2024 I have written a bad debt for a party. The party got income tax notice and department treated my bad debts as party's income and department charged 100% penalty on income tax.The party now wants to return my money. What should I do now? Shall I take my money back?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
11 August 2024 Yes, you can take it back and declare it as your income.
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ARUN GUPTA

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ARUN GUPTA (Querist)
02 October 2024 If I take money what will be my tax liability
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
03 October 2024 In such case ITO will treat it as your income and tax it at slab rate.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
11 October 2024 Good luck ....
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