https://www.taxtmi.com/caselaws?id=432961 The Tribunal upheld the assessee's claim of bad debt write-off, finding that the AO had conducted proper inquiries and the write-off complied with the Income Tax Act. Regarding the deduction under Section 80IC, the Tribunal ruled in favor of the assessee, stating that filing the audit report before the due date, even if not with the return, satisfied legislative requirements. Consequently, the Tribunal deemed the AO's assessment as not erroneous or prejudicial to revenue, quashing the PCIT's order under Section 263 and allowing the assessee's appeal. en-us Wed, 07 Dec 2022 00:00:00 +0530 Wed, 18 Jan 2023 08:34:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432961 The Tribunal upheld the assessee's claim of bad debt write-off, finding that the AO had conducted proper inquiries and the write-off complied with the Income Tax Act. Regarding the deduction under Section 80IC, the Tribunal ruled in favor of the assessee, stating that filing the audit report before the due date, even if not with the return, satisfied legislative requirements. Consequently, the Tribunal deemed the AO's assessment as not erroneous or prejudicial to revenue, quashing the PCIT's order under Section 263 and allowing the assessee's appeal. Case-Laws Income Tax Wed, 07 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432961