https://www.taxtmi.com/caselaws?id=256982 The Tribunal dismissed the revenue's appeal, affirming the Commissioner of Income-tax (Appeals)'s decisions on both issues, thereby allowing the deductions claimed by the assessee. The disallowance under Section 40(a)(ia) of the Income Tax Act was rejected based on the retrospective application of the amendment by the Finance Act, 2010. Additionally, the claim for deduction on account of bad debts written off was upheld, emphasizing that RBI directives cannot override statutory provisions and establishing the irrecoverability of debt is not necessary post the relevant amendment. en-us Thu, 21 Aug 2014 00:00:00 +0530 Wed, 25 Feb 2015 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256982 The Tribunal dismissed the revenue's appeal, affirming the Commissioner of Income-tax (Appeals)'s decisions on both issues, thereby allowing the deductions claimed by the assessee. The disallowance under Section 40(a)(ia) of the Income Tax Act was rejected based on the retrospective application of the amendment by the Finance Act, 2010. Additionally, the claim for deduction on account of bad debts written off was upheld, emphasizing that RBI directives cannot override statutory provisions and establishing the irrecoverability of debt is not necessary post the relevant amendment. Case-Laws Income Tax Thu, 21 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256982