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2009 (2) TMI 138 - BOMBAY HIGH COURTBad Debts - Revenue contended that the loss have been shown as bad debt for the financial year 1993-94 and not for the assessment year 1999-2000 - the amount became irrecoverable when the assessee wrote it off in its books of account and that, therefore, the assessee was entitled to claim the amount - even if duty drawback was available for the previous assessment year, what will be relevant was when the same is treated as bad debt by the assessee in his books of account – the fact that there was no income in the course of assessment year 1999-2000 would not disentitle the assessee from claiming the business expenditure in the said assessment year – claim of bad debts allowed.
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