https://www.taxtmi.com/caselaws?id=334787 The Supreme Court upheld the notice for reassessment issued under section 148 of the Income-tax Act, 1961, to Sumitomo Mitsui Banking Corporation. The Court found the absence of material indicating the mandatory write-off of bad debts as required under section 36(1)(vii) justified the reassessment. The appeal was allowed, setting aside the High Court's order and dismissing the writ petition filed by the respondent. The Court refrained from expressing an opinion on the merits of the reassessment but granted the respondent the opportunity to challenge it on legal grounds. en-us Tue, 26 Jul 2016 00:00:00 +0530 Mon, 21 Nov 2016 13:50:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334787 The Supreme Court upheld the notice for reassessment issued under section 148 of the Income-tax Act, 1961, to Sumitomo Mitsui Banking Corporation. The Court found the absence of material indicating the mandatory write-off of bad debts as required under section 36(1)(vii) justified the reassessment. The appeal was allowed, setting aside the High Court's order and dismissing the writ petition filed by the respondent. The Court refrained from expressing an opinion on the merits of the reassessment but granted the respondent the opportunity to challenge it on legal grounds. Case-Laws Income Tax Tue, 26 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334787