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Bad Debts

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 January 2011 Dear Sir,
Goods were sold in 2008-09. On non recovery of payment, case in the court was filed in 2009-10. We wish to write off the amount as bad debts in 2010-11.
Questions:
(1) Will bad debts be allowed in income tax?
(2) Will writing off affect the pending case in the court ?
Your prompt reply will be highly appreciated.
Thanks
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
03 January 2011 1. Yes subject to fulfillment of conditions of section 36(1)(vii).

2. No.
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Querist : Anonymous

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Querist : Anonymous (Querist)
03 January 2011 Thanks a lot for your reply
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