ASPINWALL & COMPANY LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

249) held that the provision for bad debt is not liability per se, as no liability would be fastened upon the tax-payer even if the underlying debt is not recovered. The Supreme Court in the case of CIT vs. HCL Comnet systems & Services Limited (305 ITR 409) held that the provision of doubtful debts is akin to the provision

THE DCIT, COCHIN vs. M/S.ASPINWALL & CO. LTD, COCHIN

In the result,the appeal of the Revenue in ITA No

Bench: S/Shri Chandra Poojari, Am&George George K., Jm