https://www.taxtmi.com/caselaws?id=235126 The Appellate Tribunal ITAT MUMBAI ruled in favor of the assessee regarding the disallowance of the bad debt claim, citing compliance with legal requirements under section 36(1)(vii) and the TRF Ltd. case precedent. The Tribunal emphasized the genuineness of write-off entries and the need for a business rationale. The claim was allowed as the debt was written off as irrecoverable in the books, meeting legal criteria. Additionally, the Tribunal addressed the levy of interest under sections 234 B and 234 C as a consequential matter, instructing the Assessing Officer to recompute the interest in line with the decision. en-us Tue, 30 Apr 2013 00:00:00 +0530 Fri, 12 Jul 2013 07:33:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235126 The Appellate Tribunal ITAT MUMBAI ruled in favor of the assessee regarding the disallowance of the bad debt claim, citing compliance with legal requirements under section 36(1)(vii) and the TRF Ltd. case precedent. The Tribunal emphasized the genuineness of write-off entries and the need for a business rationale. The claim was allowed as the debt was written off as irrecoverable in the books, meeting legal criteria. Additionally, the Tribunal addressed the levy of interest under sections 234 B and 234 C as a consequential matter, instructing the Assessing Officer to recompute the interest in line with the decision. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235126