Are bad debts written off in the books maintained for income – tax purpose valid, when not written off in the books maintained under Companies Act?
Description: The apex court in the case of Southern Technologies Ltd b. Joint CIT (2010) 32 (I) ITCL 505 (SC) : (2010) 320 ITR 577 (SC) has held that nature of expenditure cannot be conclusively determined by the manner in which the accounts are presented in terms of Non –Banking Financial Companies Prudential Norms (Reserve […]
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