Saturday, December 7, 2019

ITAT set-aside revisional order as view taken by AO while allowing bad debts was one of the possible views

INCOME TAX : Where assessee bank made provisions for bad debt in its books by way of a debit to profit and loss account and also reduced said amount from loans and advances as appearing on asset side in balance sheet, assessee was entitled to deduction under section 36(1)(vii)

from www.taxmann.com Latest Case Laws https://ift.tt/2DV06n1

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...