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Bad debts - Section 36(1)(vii)

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..... The debt should have been taken into account in computing the income of the previous year in which deduction is claimed or any earlier previous year OR the debt represents the money lend in the ordinary course of business of money lending or banking carried on by the assessee. Any bad debt or part thereof written off as irrecoverable in the accounts of the assessee shall not include any provision .....

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