07 February 2012
Amount paid as advance for acquisition of an entity.. but subsequently became irrecoverable nor acquired by the acquirer.. So, Whether the amount paid as advance can be written off as bad debt?
07 February 2012
Dear friend, the amount paid as advance and after not recoverable will be deducted as business expense u/s. 37(1) of the Income tax Act,1961. Thanks
CAclubindia
