https://www.taxtmi.com/caselaws?id=360916 The ITAT ruled in favor of the assessee, an NBFC company, in a case involving disallowance of bad debts, out-of-court settlement amount, and set off of unabsorbed depreciation and business loss. The ITAT allowed the bad debts as a commercial decision, considered the out-of-court settlement amount as revenue expenditure, and directed the AO to quantify the unabsorbed depreciation and business loss for set off against future income. en-us Thu, 05 Apr 2018 00:00:00 +0530 Thu, 28 Feb 2019 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360916 The ITAT ruled in favor of the assessee, an NBFC company, in a case involving disallowance of bad debts, out-of-court settlement amount, and set off of unabsorbed depreciation and business loss. The ITAT allowed the bad debts as a commercial decision, considered the out-of-court settlement amount as revenue expenditure, and directed the AO to quantify the unabsorbed depreciation and business loss for set off against future income. Case-Laws Income Tax Thu, 05 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360916