Faceless assessment and registration procedures are updated through electronic communication, revised recovery rules, extended deadlines, and replacem...
Risk-based selective vessel boarding requires accurate declarations and preserves master and agent liability where physical inspections are not select...
Permanent-establishment reassessment cannot revisit scrutinised disclosures; extended reopening fails without undisclosed material facts and within st...
ITAT ruled on two issues: 1) Disallowance of contingent provision under 36(1)(viia)(d) as unascertained liability. AR cited new provision allowing NBFCs to make provision for bad debts up to 5% total income effective from 01.04.2017. AO & CIT(A) did not consider this. ITAT set aside addition for fresh assessment. 2) Cash received in demonetization period towards loan installment. AO failed to prove lack of depositor identity, transaction genuineness, and creditworthiness. Assessee provided depositor names and KYC details, which AO did not challenge. Citing precedent, ITAT ruled in favor of the assessee.
ITAT ruled on two issues: 1) Disallowance of contingent provision under 36(1)(viia)(d) as unascertained liability. AR cited new provision allowing NBFCs to make provision for bad debts up to 5% total income effective from 01.04.2017. AO & CIT(A) did not consider this. ITAT set aside addition for fresh assessment. 2) Cash received in demonetization period towards loan installment. AO failed to prove lack of depositor identity, transaction genuineness, and creditworthiness. Assessee provided depositor names and KYC details, which AO did not challenge. Citing precedent, ITAT ruled in favor of the assessee.
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