Held that once the bad debts were written off by debiting the sum in the profit and loss account and by giving a corresponding credit in the loans and advances/debtors on the assets side of the balance-sheet, the requirement under law was satisfied. It was not necessary to make corresponding entry towards each individual account separately to qualify as a valid write off. The Department had not disputed the entries in the profit and loss account and balance-sheet. Once the sums were written off in the books maintained for the purpose of the Income-tax Act and debited in the profit and loss account and satisfied the other requirement, it was sufficient to hold that the assessees were entitled to the allowance. (AY.2003-04 to 2014-15)