https://www.taxtmi.com/caselaws?id=410598 The High Court allowed the writ petition challenging the reopening of assessment for Assessment Year 2006-2007 based on debiting bad debts not added back to book profits under Section 115JB of the IT Act. The Court found that the petitioner had filed returns in compliance with the law at the time and had not failed to disclose material facts. Despite the retrospective amendment, the petitioner's decision not to include the debited amount in book profits was deemed justified. The Court concluded that there were no merits in the impugned order and closed the connected Miscellaneous Petition without costs. en-us Wed, 24 Mar 2021 00:00:00 +0530 Thu, 05 Aug 2021 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410598 The High Court allowed the writ petition challenging the reopening of assessment for Assessment Year 2006-2007 based on debiting bad debts not added back to book profits under Section 115JB of the IT Act. The Court found that the petitioner had filed returns in compliance with the law at the time and had not failed to disclose material facts. Despite the retrospective amendment, the petitioner's decision not to include the debited amount in book profits was deemed justified. The Court concluded that there were no merits in the impugned order and closed the connected Miscellaneous Petition without costs. Case-Laws Income Tax Wed, 24 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410598