Deduction for bad debt doesn’t prerequisite money lending licence; writing off in books of account is sufficient

INCOME TAX : Writing off of irrecoverable loan in books of account sufficient to claim deduction for bad debts under section 36(1)(vii), assessee not required to be in money lending business to claim said deduction

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197438/deduction-for-bad-debt-doesn’t-prerequisite-money-lending-licence-writing-off-in-books-of-account-is-sufficient.aspx