Legal Question in Credit and Debt Law in India

sir, We have filed one case under 138u/s.since five year we have not came to final judgement. In such matter we can enjoy bad debt tax benefit from income tax govt of india.


Asked on 2/18/16, 1:03 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

19.02.2016

Dear Sir / Madam,

A debt can be treated as bad by the creditor if there is no payment forthcoming, within 06 (six) months of the due date of the debt, irrespective of whether a legal case under Section 138 of the Negotiable Instruments Act, 1938 has been lodged against the debtor.

Regards,

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Answered on 2/18/16, 9:17 pm


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