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1 - 10 of 15 (0.25 seconds)The Companies Act, 1956
Section 234B in The Income Tax Act, 1961 [Entire Act]
Section 234C in The Income Tax Act, 1961 [Entire Act]
Section 115 in The Income Tax Act, 1961 [Entire Act]
Section 154 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax And Excess ... vs Jwala Prasad Tiwari on 4 September, 1953
); CIT v. Jwala Prasad Tiwari [1953] 24 ITR 537 (Bom.
Sarangpur Cotton Manufacturing Co. ... vs Commissioner Of Income-Tax, Gujarat-I on 29 June, 1982
), Sarangpur Cotton Mfg. Co. ITD v. CIT [1983] 143 ITR 166/15 Taxman 286 (Guj.) that it is not essential that the debtors' individual account should be squared of by an appropriate credit entry for writing off to be complete. Even if the credit is made in 'Bad Debt Reserve Account' against debit to the Profit & Loss Account, the writing off is complete. In view of the above, it cannot be said that the writing off done by the present appellant was defective. If we examine the Tax Audit Report, it will be observed that in their report in Form No. 3CD, Item 9C the Auditors have left the space in front of the column "Particulars of any liability of a contingent nature debited to the Profit & Loss Account" blank. It is thus apparent that there was no information in the return or the accompanying documents to show prima facie that the sum of Rs. 5276 lakhs debited to the Profit & Loss Account was on account of provision for any liability of a contingent nature.
Vithaldas H. Dhanjibhai Bardanwala vs Commissioner Of Income-Tax, Gujarat-V on 20 August, 1980
9. In his order of rectification the Assessing Officer has rejected the application of the appellant only on the ground that section 36 authorised deduction in respect of bad debts on the basis of actual write off. It would thus be seen that this order is confined only to one portion of the several provisions made as per schedule 2.11. Furthermore, it is to be noted that no particular form or method of writing off of bad debt is prescribed or provided for. According to the Dictionary for Accountants by Eric L. Kobler, Fifth Edition, page 497 the expression "Written off" means, "to transfer the balance of an account previously recorded as an asset to an expense account or to the Profit & Loss Account". It has been held in the cases of Vithaldas H. Dhanjibhai Bardanwala v. CIT [1981] 130 ITR 95 (Guj.