https://www.taxtmi.com/caselaws?id=337306 The appeal involved the disallowance of bad debts for A.Y. 2007-08 due to discrepancies in account balances. The CIT(A) upheld the disallowance as the appellant failed to reconcile differences and provide satisfactory explanations. Ongoing business with parties after writing off debts raised suspicions of reducing taxable income. The appeal was disposed of ex-parte due to the assessee's non-appearance. Discrepancies in accounts and lack of reconciliation led to the disallowance, despite the appellant's reliance on legal precedents being deemed inapplicable. The decision emphasized the need for coherence between debt write-offs and actual business transactions. en-us Wed, 04 Jan 2017 00:00:00 +0530 Fri, 06 Jan 2017 13:42:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337306 The appeal involved the disallowance of bad debts for A.Y. 2007-08 due to discrepancies in account balances. The CIT(A) upheld the disallowance as the appellant failed to reconcile differences and provide satisfactory explanations. Ongoing business with parties after writing off debts raised suspicions of reducing taxable income. The appeal was disposed of ex-parte due to the assessee's non-appearance. Discrepancies in accounts and lack of reconciliation led to the disallowance, despite the appellant's reliance on legal precedents being deemed inapplicable. The decision emphasized the need for coherence between debt write-offs and actual business transactions. Case-Laws Income Tax Wed, 04 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337306