Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Circular Guides Banks on Assessing Bad Debts for Business Income; Clarifies Role of Income Tax Officer in Decision-Making.</h1> The circular addresses the assessment of bad and doubtful debts for banks in the context of business income. It clarifies that determining whether a debt is bad and when it became bad are factual questions to be resolved by the Income Tax Officer (ITO), subject to appeal. The decision should not be solely based on the assessee's declaration but on all relevant circumstances. The circular notes that historically, there have been no significant disputes between public banks and ITOs regarding bad debts. It also references the Income-tax Investigation Commission's report concerning the acceptance of audit certificates.
TaxTMI 
TaxTMI 
