{"id":28227,"date":"2022-07-09T14:50:39","date_gmt":"2022-07-09T09:20:39","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-united-spirits-ltd-2022-284-taxman-568-442-itr-451-karn-hc-pcit-v-mcdowell-and-co-ltd-2022-284-taxman-568-442-itr-451-karn-hc\/"},"modified":"2022-07-09T14:50:39","modified_gmt":"2022-07-09T09:20:39","slug":"pcit-v-united-spirits-ltd-2022-284-taxman-568-442-itr-451-karn-hc-pcit-v-mcdowell-and-co-ltd-2022-284-taxman-568-442-itr-451-karn-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-united-spirits-ltd-2022-284-taxman-568-442-itr-451-karn-hc-pcit-v-mcdowell-and-co-ltd-2022-284-taxman-568-442-itr-451-karn-hc\/","title":{"rendered":"PCIT. v. United Spirits Ltd (2022) 284 Taxman 568 \/ 442 ITR 451 (Karn.)(HC) PCIT v. Mcdowell and Co. Ltd. (2022) 284 Taxman 568 \/ 442 ITR 451 (Karn.)(HC)"},"content":{"rendered":"<p>Court held that\u00a0 for allowability of bad debt the assessee is\u00a0 required to debit profit and loss account and also to simultaneously reduce loans of\u00a0 debtors in balance sheet however\u00a0 \u00a0\u00a0none of the authorities had examined the issue in this angle in deciding the matter. Matter remanded to Tribunal. Referred Vijaya Bank v. CIT (2010) 323 ITR 166 (SC). \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(vii) : Bad debt-Required to debit profit and loss account and also to simultaneously reduce loans of  debtors in balance sheet-Matter remanded. [S. 254(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-28227","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7lh","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=28227"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28227\/revisions"}],"predecessor-version":[{"id":28228,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28227\/revisions\/28228"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}