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written off of loans & Advance

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 December 2010 Can some body will able to tell me that the Manufacturing Company able toset off his Loans & Advance as Bad Debts and whether the said amount can be allowed as bad Debts or not in Income Tax
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CA Dhiraj Ramchandani

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CA Dhiraj Ramchandani (Expert)
06 December 2010 Sorry buddy., i dont think so, ITO will allow such amount as bad debts or expense similar to bad debts.... Never heard such thing, but m sure, such amount will not b allowed as expense.....
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