Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
S. 36(1)(viia) Deduction not allowable without Provision for Bad and Doubtful Debts in Books of Account: ITAT
Financial ManagementIncome Tax
The Income Tax Appellate Tribunal (ITAT) ruled that deductions under Section 36(1)(viia) of the Income Tax Act are not allowable without provisions for bad and doubtful debts in the books of accounts. This decision emphasizes the requirement for banks and financial institutions to make adequate provisions in their accounting records to claim such deductions. The ruling underscores the importance of proper accounting practices in availing tax benefits and ensuring compliance with tax laws.
