https://www.taxtmi.com/caselaws?id=287167 The Tribunal dismissed the Revenue's appeal in a case involving the deletion of additions for penal interest paid to the Government of Gujarat and provision for bad and doubtful debts. The Tribunal upheld the CIT(A)'s decision in both issues, stating that the penal interest was in the nature of financial charges for late payment, not a penalty, and that the provision for bad debts was allowable as the debts were written off in the books. Consequently, the Tribunal declined to interfere, and the Revenue's appeal was dismissed. en-us Fri, 23 Feb 2018 00:00:00 +0530 Thu, 02 Apr 2020 10:53:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287167 The Tribunal dismissed the Revenue's appeal in a case involving the deletion of additions for penal interest paid to the Government of Gujarat and provision for bad and doubtful debts. The Tribunal upheld the CIT(A)'s decision in both issues, stating that the penal interest was in the nature of financial charges for late payment, not a penalty, and that the provision for bad debts was allowable as the debts were written off in the books. Consequently, the Tribunal declined to interfere, and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 23 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287167