Can Debit balance lying in Creditors A/c be written off?
This query is : Resolved
09 March 2011
Can Debit balance lying in Creditors A/c for around 3 years be written off?
If yes then under which section it can be written off?
If possible please provide a Case law for it.
If yes then under which section it can be written off?
If possible please provide a Case law for it.
09 March 2011
Debit Balance of Creditors can be Written Off, if it is irrecoverable. The same will be allowed under the "Provision of Bad Debts". There is no time limit but if it founds that it is irrecoverable it can be written off.
There are many recent case laws where it has been held that once it is written off by the Assessee, T Veerabhadra Rao K Koteshwar Rao & Co7.
There are many recent case laws where it has been held that once it is written off by the Assessee, T Veerabhadra Rao K Koteshwar Rao & Co7.
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