April 2009

Sec. 36(1)(vii)

Karnataka H.C : Whether the appellate authorities were correct in holding that for the purpose of writing off of bad debts it was not essential to square off each individual account of every debtor and it would be sufficient if the debit entries are made into the P&L a/c and corresponding credit is made in a bad debt reserve account contrary to the provision of the Act and especially the Explanation to cl. (vii) of s. 36(1) of the Act brought into effect from 1st April, 1989, by the Finance Act, 2001

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High Court Of Karnataka CIT & ANR. vs. Vijaya Bank Section 36(1)(vii) V. Gopala Gowda & Arali Nagaraj, JJ. IT

Sec. 158BB, Section 69C

Gujarat H.C : the assessee would not have included the undisclosed income in the Return for regular assessment is perverse in as much as the assessee has itself admitted that such undisclosed income had not been recorded in the books of accounts and such income had also not been included in the accounts as reflected in the annual reports for the relevant financial years which had been produced by the assessee

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High Court Of Gujarat DCIT vs. Radhe Developers India Ltd. Section 158BB, 69C D.A. Mehta & S.R. Brahmbhatt, JJ. Tax

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