Please tell me where it is written that bad debts written off should not be debited to P/L but to be shown by way of provision in RBI Guidelines and Banking Regulation Act
Shashank Kasat (Article Assistant) (50 Points)
30 December 2009Please tell me where it is written that bad debts written off should not be debited to P/L but to be shown by way of provision in RBI Guidelines and Banking Regulation Act
Amir
(Learner)
(4016 Points)
Replied 30 December 2009
Amazing Brother, u urself are mentioning the source and asking others about it..
Please clarify what u want to ask??
CA Ashish Bansal
(Manager Finance & Accounts)
(73 Points)
Replied 30 December 2009
u r asking the question the question or ................
Nicky
(Chartered Accountant)
(245 Points)
Replied 31 December 2009
Writting off Bad Debts for a business other than those goverened by RBI is covered by 36(1)(vii) where in once the bad debt is written off in the books, it is suffcient to prove that the debts are bad refer "CIT Vs. Hotel Ambassador (2002) 253 ITR 430 (Ker)."
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 31 December 2009
Thanx for the info SHASHANK....
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