https://www.taxtmi.com/caselaws?id=418842 The court ruled in favor of the petitioner, a Non-Deposit Accepting NBFC, emphasizing compliance with RBI norms for recognizing income from NPAs and the importance of proper documentation and addressing objections in assessment proceedings. The court quashed the Assessing Officer's order due to inadequately addressing objections and failing to provide essential documentation, highlighting the necessity for Revenue authorities to follow specific guidelines for reopening assessments under the Income Tax Act to ensure procedural fairness and transparency. en-us Tue, 15 Feb 2022 00:00:00 +0530 Sat, 30 Apr 2022 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418842 The court ruled in favor of the petitioner, a Non-Deposit Accepting NBFC, emphasizing compliance with RBI norms for recognizing income from NPAs and the importance of proper documentation and addressing objections in assessment proceedings. The court quashed the Assessing Officer's order due to inadequately addressing objections and failing to provide essential documentation, highlighting the necessity for Revenue authorities to follow specific guidelines for reopening assessments under the Income Tax Act to ensure procedural fairness and transparency. Case-Laws Income Tax Tue, 15 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418842