Write-off of Bad Debt not Asset, Clause – (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [Read Order]

By Kalyani B. Nair - On September 28, 2023 6:30 pm - 2 mins read
Write-off of Bad Debt - Debt - Asset - Income Tax Act - Assessment - Bombay HC - taxscan

The Bombay High Court recently ruled that write-off of bad debt is not asset and clause – (a) of 4th proviso to Section 153A(1) of Income Tax Act, 1961 bars assessment. The petitioner, Ashok Commercial Enterprises, is a partnership firm engaged in the business of financing, i.e., giving loans to parties on interest against cheques…

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