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Section 36(1)(vii) - Bad debts

Income Tax - Profit and Gains of Business or Profession - 39 - SEC - 36(1)(vii): BAD DEBTS A bad debt shall be allowed as deduction if the following conditions are satisfied: i. The bad debt should be written off as irrecoverable in the books of acco .....

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he money lend in the ordinary course of business of money lending or banking carried on by the assessee. Notes: There is no need to establish/ prove that the debt has become bad/ irrecoverable, it is enough that bad debts is written off in the books .....

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