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Showing contexts for: revised return when valid in Dinesh Chandra Chandulal Shah vs Income-Tax Officer on 18 November, 1991Matching Fragments
8.7 The assessee's contention in this regard is that the supplementary adjustment entries made by him at the time of filing the revised return is valid. The requirement of law is that the amount should be written off in the books of account of the accounting year in question. Subsequent to the furnishing of the original return, the assessee realised that the amount due from M/s Usha is irrecoverable and, therefore, decided to write off the same as a trading loss by making supplementary adjustment entries in the accounting year under consideration itself, which is perfectly valid as the reality of the bad debt in question is not in dispute.