The key points covered in the summary are: Disallowance of deduction u/s 36(1)(vii) for debts written...

The key points covered in the summary are: Disallowance of deduction u/s 36(1)(vii) for debts written off, as the assessee did not create a provision in the books, which is a mandatory requirement. The matter was remanded back to the Assessing Officer to examine afresh the assessee's claim for deduction u/s 36(1)(vii) for bad debts actually written off after providing an opportunity. Regarding addition towards profit on sale of investments, the matter was set aside to the Assessing Officer to decide afresh after providing an opportunity to the assessee to produce documentary evidence. On the issue of depreciation claimed on investments shown as current assets, it was held that no depreciation is allowable on investments treated as current a..... .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X