HIGH COURT OF KERALA ON SECTION 143, read with section 36(1)
Court :
HIGH COURT
Brief :
Section 143, read with section 36(1)(vii), of the Income-tax Act, 1961 - Assessment - Prima facie adjustments - Assessment year 1994-95 - Whether as section 36(1)(vii) does not authorise granting of deduction of any debt unless it is written off in accounts for previous year and it was not assessee’s case that provisions for bad debt claimed by it had been written off in its accounts, its claim was rightly treated as prima facie inadmissible under section 143(1)(a) - Held, yes
Section 36(1)(vii) of the Income-tax Act, 1961 - Bad debts - Assessment year 1994-95 - Whether Explanation introduced to section 36(1)(vii) by Finance Act, 2001 with effect from 1-4-1989 is only clarificatory in nature - Held, yes
Citation :
South Indian Bank Ltd. vs Commissioner of Income-tax, Trichur
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