Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
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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.
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