Dy. Commissioner of Income Tax Versus M/s Shri Ram Chits Pvt. Ltd. - Income Tax - ITAT HYDERABAD - Tri - Bad debts on running and terminated chit funds - Held that - Following assessee s own case for AY 2009-10 - The amount of loss incurred by the assessee has to be allowed on both running and terminated chits if irrecoverable if the prized chit amount has gone out of the hands of the assessee - Bad debts can be allowed to the extent of instalments defaulted by the prized subscribers and written................................... Income Tax - Case Laws
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