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2013 (7) TMI 449 - HC - Income TaxClaim of bad debts on account of interest - loss of interest was not crystallized - Whether Tribunal was justified to reverse the order of CIT(A) in deleting the disallowance made in respect of write off of the interest claim for even though loss of interest was not crystallized during the year - Held that:- The Tribunal has rightly appreciated the law on the subject and allowed the claim of the assesse - Assessing Officer has not examined whether the debt has, in fact, been written off in the accounts of the assesse - When a bad debt occurs, the bad debt account is debited and the customer's account is credited, thus, closing the account of the customer – relying upon the decision of CIT Vs. Punjab Agro Industries Corporation (2001 (9) TMI 87 - PUNJAB AND HARYANA High Court) and T.R.F. Ltd. vs. CIT [323 ITR 397], decided against the revenue.
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