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2005 (7) TMI 64 - HC - Income Tax"Whether Tribunal erred in law in holding that 'Reserve for bad and doubtful debts' fell within the permissible adjustments prescribed by rule 5(a) of the First Schedule to the Act?" - claim of "Reserve for bad and doubtful debts" was disallowed on the ground that such a disallowance was not prohibited by rule 5, and credit of the amount of the debts to the "Reserve for doubtful debts" did not constitute a write off of the debts for the purposes of section 36 - issue whether the "Reserve for bad and doubtful debts" can be allowed to be deducted while computing the income, has already been concluded by the Division Bench judgment of our High Court in the case of CIT v. General Insurance Corporation of India (No. 2). Hence, we answer the substantial question of law raised in the present petition in the affirmative, in the sense, in favour of the appellant assessee
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