Deduction on account of Bad Debts are allowable, if bad debt is Written Off as irrecoverable in books of accounts: ITAT quashes Revision Order [Read Order]

Deduction - account - Bad Debts - Deduction on account of Bad Debts are allowable - Written Off - irrecoverable - taxscan

The Income Tax Appellate Tribunal (ITAT), Surat bench held that deduction on account of bad debts is allowable if bad debt is written off as irrevocable in the books of accounts. Therefore, the bench quashed the revision order. The assessee, Hi-Shine Inks Pvt. Ltd., is a Private Limited Company and filed a revised return of…

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