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2007 (7) TMI 241 - HC - Income Tax
Bad debts - winding up petition was filed by the assessee because the amounts were not recoverable from the debtor - said company (debtor) had also been declared a sick company by BIFR – assessee could not recover its debts, hence amount was deductible as a bad debt – Secondly, when realization of even the principal amount was in jeopardy and, therefore, there could not be said to be any real accrual income by way of interest – addition on account of interest were rightly deleted