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2003 (10) TMI 35 - HC - Income TaxAssessee had written off bad debts by debiting the profit and loss account but instead of making a corresponding credit entry in the account of the debtor, he had made an entry under the head "Provisions for doubtful debts", and this was approved by the Assessing Officer – Held that the assessee did not comply with the provision of section 36(1)(vii) which had been amended with retrospective effect from April 1, 1989. Thus there is no force in this appeal and it is dismissed - Commissioner of. Income-tax hence rightly issued a notice under section 263 as according to him the assessee while debiting the profit and loss account has not given the necessary credit in the account of the party - we may mention that under section 263 of the Income-tax Act, the Commissioner of Income-tax can correct both errors of fact and errors of law.
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