Day: July 10, 2016

Bad debts written off in same/first assessment year eligible for deduction u/s 36(1)(vii) after amendment and in terms of CBDT Circular 12/2016

Debts written off in the same/first assessment year eligible for deduction u/s 36(1)(vii) as after the amendment w.e.f. 1st April 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable – ITAT  ABCAUS Case Law Citation: 968 (2016) (07) ITAT …