https://www.taxtmi.com/caselaws?id=329925 The ITAT Mumbai partially allowed the assessee's appeal and dismissed the AO's appeal. The ITAT held that interest under sections 234B and 234C of the Income Tax Act cannot be levied when tax is computed under section 115JB. It reversed the disallowance of provision for bad debts, remanded the issue of short recovery of export proceeds for further verification, and directed reconsideration of treatment of software expenses and unexplained credits. Additionally, the ITAT allowed the set off of brought forward losses/unabsorbed depreciation under section 72, contrary to the AO's decision based on section 71. en-us Fri, 08 Jul 2016 00:00:00 +0530 Mon, 08 Aug 2022 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329925 The ITAT Mumbai partially allowed the assessee's appeal and dismissed the AO's appeal. The ITAT held that interest under sections 234B and 234C of the Income Tax Act cannot be levied when tax is computed under section 115JB. It reversed the disallowance of provision for bad debts, remanded the issue of short recovery of export proceeds for further verification, and directed reconsideration of treatment of software expenses and unexplained credits. Additionally, the ITAT allowed the set off of brought forward losses/unabsorbed depreciation under section 72, contrary to the AO's decision based on section 71. Case-Laws Income Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329925