COMMISSIONER OF INCOME TAX Vs. TUSKER DYE CHEM.

JUDGEMENT

(1.) 817/Del/2005 relevant for the asst. yr. 2001 -02.

(2.) The Revenue has raised two contentions before us. The first relates to bad debts having been written off by the assessee to the extent of Rs. 6,81,500.

(3.) Learned counsel for the parties agreed that in view of the decision of this Court in CIT vs. Autometers Ltd. (2007) 210 CTR (Del) 339 : (2007) 292 ITR 345 (Del) the issue is no longer res integra and the fact that the assessee had written off the amounts as bad debts would indicate that it was entitled to a deduction in terms of s. 36(1)(vii) of the IT Act, 1961 (the Act).