Law: Income Tax Act, 1961

Section: 36(1)(vii)

Income-tax---Bad debt---General principles---Whether debt became bad or point of time when it became bad---Are pure questions of fact---Amount due for commodity supplied by assessee---Dispute regarding amount---Matter referred to arbitration---Sale of business during pendency of arbitration proceedings---Amount written off---Not allowable as bad debt---Indian Income Tax Act, 1961, S.36(1)(vii). From the decision of the Kerala High Court in Travancore Tea Estates Co. Ltd. v. C.I.T. ((1992) 197 ITR 528, to the effect that the amount due for commodity supplied by the assessee which was written off could not be allowed as a bad debt, the assessee preferred an appeal to the Supreme Court. The Supreme Court dismissed the…

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