Earnest money unrealised
This query is : Resolved
01 September 2012
hi,
the firm i m auditing has earnest money of rs 26,400 deposited with a govt dept regarding some tender work since the last 2 yrs...but there is no chance of its recovery...this balance has been carried forward since then..how do i write off the amount in the accounts ?
the firm i m auditing has earnest money of rs 26,400 deposited with a govt dept regarding some tender work since the last 2 yrs...but there is no chance of its recovery...this balance has been carried forward since then..how do i write off the amount in the accounts ?
01 September 2012
You can very well write off this amount in your acccounts and are deductible under income tax act (since it is revenue in nature)
Supreme Court in CIT v. Mysore Sugar Co. Ltd. [1962] 46 ITR 649 (SC)-
Supreme Court in CIT v. Mysore Sugar Co. Ltd. [1962] 46 ITR 649 (SC)-
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