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Bad debts out of income recognised on the basis of ICDS but not yet recognised in books of account

or accounting policies. And finally such income is found as non-recoverable and bad debts. To address this situation, Finance Act, 2016 has inserted second proviso to section 36(1)(vii) which reads as .....

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accounts, then, such debt or part thereof shall be allowed in the previous year in which such debt or part thereof becomes irrecoverable and it shall be deemed that such debt or part thereof has been .....

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