CBDT Circular 2016 Bad Debts

Taxpayer not required to prove irrecoverability for claiming bad debts written off from books: ITAT The Income Tax Appellate Tribunal (ITAT), Ahmedabad, granted significant relief to the company in key issues such as taxation of gains on the sale of assets, applicability of rectification under Section 154, and allowability of bad debts. The assessee, Madhavpura…