Following the order in ITA No 1024 of 2018 dt 13-08 2018, in assesses own case appeal of the revenue is dismissed . Order of Tribunal allowing the bad debt is affirmed,wherein the Tribunal held that bad debt is held to be allowable though the principal amount debited never appeared as debt on account of trade . (AY. 2003-04)
PCIT v. Gujarat Lease Financing Ltd. (2019) 105 taxmann.com 156 263 Taxman 351 (Guj.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Gujarat Lease Financing Ltd. (2019) 263 Taxman 350 (SC)
S. 36(1)(vii) : Bad debt-Held to be allowable though the principal amount debited to the principal amount never appeared as a debt on account of trade.