https://www.taxtmi.com/caselaws?id=254163 The Tribunal upheld the partial allowance of provisions for doubtful debts and sundry debtors, emphasizing that the provisions were anticipatory and not for actual liabilities accrued during the year. It disallowed the deduction claimed for penal interest, stating that it was not written off as a bad debt and did not qualify under Section 36(1)(viia) of the IT Act. The Tribunal clarified that RBI guidelines do not override Income Tax Act provisions. Additionally, the Tribunal reiterated its lack of power to review its own orders on merits, dismissing the assessee's application for rectification. en-us Fri, 14 Feb 2014 00:00:00 +0530 Mon, 15 Dec 2014 06:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254163 The Tribunal upheld the partial allowance of provisions for doubtful debts and sundry debtors, emphasizing that the provisions were anticipatory and not for actual liabilities accrued during the year. It disallowed the deduction claimed for penal interest, stating that it was not written off as a bad debt and did not qualify under Section 36(1)(viia) of the IT Act. The Tribunal clarified that RBI guidelines do not override Income Tax Act provisions. Additionally, the Tribunal reiterated its lack of power to review its own orders on merits, dismissing the assessee's application for rectification. Case-Laws Income Tax Fri, 14 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254163