https://www.taxtmi.com/caselaws?id=427293 The Tribunal partially allowed the appeals, directing the AO to re-examine certain disallowances and deletions in line with previous ITAT orders and legal principles. The Tribunal stressed the importance of proper substantiation of claims and adherence to RBI guidelines where relevant. Notable decisions included allowing bad debts claimed by the assessee, rejecting disallowance of a change in accounting method, and deleting penalties under Section 271(1)(c) for unsustainable claims. Reassessment proceedings for a specific year were quashed due to a lack of new material, constituting a change of opinion by the AO. en-us Mon, 29 Aug 2022 00:00:00 +0530 Tue, 06 Sep 2022 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427293 The Tribunal partially allowed the appeals, directing the AO to re-examine certain disallowances and deletions in line with previous ITAT orders and legal principles. The Tribunal stressed the importance of proper substantiation of claims and adherence to RBI guidelines where relevant. Notable decisions included allowing bad debts claimed by the assessee, rejecting disallowance of a change in accounting method, and deleting penalties under Section 271(1)(c) for unsustainable claims. Reassessment proceedings for a specific year were quashed due to a lack of new material, constituting a change of opinion by the AO. Case-Laws Income Tax Mon, 29 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427293