Allahabad High Court in U. P. Rajkiya Nirman Nigam Ltd on 04-07-2013 had held that where books of account are not closed and not signed by Board of Directors and not adopted by shareholders as per Companies Act, it is legally permissible to make adjustments before they are finally adopted , therefore, where accounts of assessee were open and subject to correction by auditors, bad debts could be written off even after closure of accounting period, as there is neither any condition nor any provision under section 36(1)(vii), that writing off of bad debt should be done in relevant previous year, i.e., before end of financial year. Supreme Court has admitted SLP of the revenue on this issue on 23-11-2015