DFI fails to avail deduction of income as bad debt – Business & Finance

LAHORE: A Development Financial Institution (DFI) had failed to avail deduction of income as bad debt for not proving that the amounts have become irrecoverable due to any reason, said sources in the Income Tax Department.

The department while making the assessment found out that the DFI had made a provision for bad debts, which was not allowable under the Ordinance. Only the amounts which…