https://www.taxtmi.com/caselaws?id=254219 The Tribunal upheld the CIT(A)'s decision to allow the waiver of interest as business expenditure under section 37(1) since it was directed by the State Government. The Tribunal also agreed with the CIT(A) that the deduction for bad debts should be based on the entire outstanding advances, not restricted as per the AO's computation. Additionally, the Tribunal directed the AO to verify the provision for audit fee's accrual status and to compute the deduction under section 36(1)(viia) based on the Tribunal's determination of gross total income. en-us Wed, 10 Dec 2014 00:00:00 +0530 Mon, 15 Dec 2014 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254219 The Tribunal upheld the CIT(A)'s decision to allow the waiver of interest as business expenditure under section 37(1) since it was directed by the State Government. The Tribunal also agreed with the CIT(A) that the deduction for bad debts should be based on the entire outstanding advances, not restricted as per the AO's computation. Additionally, the Tribunal directed the AO to verify the provision for audit fee's accrual status and to compute the deduction under section 36(1)(viia) based on the Tribunal's determination of gross total income. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254219