https://www.taxtmi.com/caselaws?id=423221 The ITAT partly allowed the Revenue's appeal regarding the provision of impairment loss, citing that the CIT(A)'s decision was not in line with the Income Tax Act. However, the ITAT dismissed the appeal concerning the deletion of an addition for sundry balance written off, emphasizing that the written off amounts represented genuine business losses despite a classification mistake by the assessee. The judgments were based on the interpretation of relevant provisions of the Income Tax Act and the nature of the claimed losses by the assessee. en-us Mon, 09 May 2022 00:00:00 +0530 Wed, 01 Jun 2022 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423221 The ITAT partly allowed the Revenue's appeal regarding the provision of impairment loss, citing that the CIT(A)'s decision was not in line with the Income Tax Act. However, the ITAT dismissed the appeal concerning the deletion of an addition for sundry balance written off, emphasizing that the written off amounts represented genuine business losses despite a classification mistake by the assessee. The judgments were based on the interpretation of relevant provisions of the Income Tax Act and the nature of the claimed losses by the assessee. Case-Laws Income Tax Mon, 09 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423221