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2013 (7) TMI 284 - AT - Income TaxDisallowance of claim of bad debt - Held that:- As complete details of party was available on record but the AO had not brought on record any material to show that the write off entry was not genuine. The assessee also gave the reasons for non recovery of the amounts as the party was going through the bad times. Since, the recovery had not been made from a long time the assessee thought it prudent to write off the amount and start fresh business relations with the party. No material has been placed on record to dispute the claim of the assessee. Considering the facts and circumstances of the case and the judgment of TRF Ltd. (2010 (2) TMI 211 - SUPREME COURT) wherein held that w.e.f. 01.04.1989, in order to obtain a deduction in relation to bad debts, it is not necessary for the assessee to establish that the debt, in fact has become irrecoverable. It is enough of the bad debt is written off as irrecoverable in the accounts of the assessee. In favour of assessee.
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