As per sec 36(2) beddebt written off as irrecoverable is allowed if such debt taken into account in computing the income of the year in which debt is written off


Last updated: 20 February 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts and in the circumstances of the case, the CIT(A) erred in deleting the addition on account of Rs.23,00,894/- on account of short recoveries, despite the fact that the transacting parties continued to do business regularly. CIT(A) did not appreciate the fact that by allowing short recoveries on the lines of bad debts with regular clients the se is able to shift profits to subsequent year.

Citation :
ACIT, Circle 4(1), New Delhi. (Appellant) Vs.Lex Orbis Conbsulting Pvt. Ltd.,709-710, Tolstoy House,15/17, Tolstoy Marg,New Delhi-110 001.(PAN/GIR No.AABCL0049A)(Respondent)

You have reached daily limit of 2 Free Judgements. To view this or other Judgements please subscribe to CCI PRO :

GST Plus

Stay updated! Stay ads free

Browse CAclubindia ads free.
Latest updates on WA.
Daily E-Newsletter and much more.

CCI PRO annual subscription :

Original Price : INR 2999/-

Offer Price : INR 1999/-

Duration : 1 year
(Prices Inclusive of GST)


Know More

Note: If you are a PRO member already, please click here to login (for ad free experience)
 

CCI Pro

Ayush
Published in Income Tax
Views : 2172
Share Report Abuse
Comments

CAclubindia's WhatsApp Groups Link

Other Latest Judgments

View More Judgments »


CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Trending Online Classes

view all classess

Follow us

budget 26-27

Browse by Category