PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
ITAT upheld the allowance of bad debt write-off related to trading losses in NSEL. The assessee's contracts predated Economic Offences Wing's intervention and NSEL's suspension. Despite the Assessing Officer's contention about insufficient recovery efforts, ITAT found that the assessee had legitimately written off the unrecoverable debt, as evidenced by ledger documentation. Following Supreme Court's precedent in TRF Ltd case and CBDT Circular 12/2016, the tribunal concluded that the write-off met statutory requirements for bad debt deduction. The Commissioner of Income Tax (Appeals) order was sustained, and Revenue's appeals were dismissed.
ITAT upheld the allowance of bad debt write-off related to trading losses in NSEL. The assessee's contracts predated Economic Offences Wing's intervention and NSEL's suspension. Despite the Assessing Officer's contention about insufficient recovery efforts, ITAT found that the assessee had legitimately written off the unrecoverable debt, as evidenced by ledger documentation. Following Supreme Court's precedent in TRF Ltd case and CBDT Circular 12/2016, the tribunal concluded that the write-off met statutory requirements for bad debt deduction. The Commissioner of Income Tax (Appeals) order was sustained, and Revenue's appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
