https://www.taxtmi.com/caselaws?id=308495 The High Court partially allowed the Revenue's appeals challenging the Income Tax Appellate Tribunal's order related to assessment years 2001-02, 2002-03, and 2003-04. The Court ruled in favor of the Revenue regarding the levy of interest under Section 234-D of the Income Tax Act for assessments prior to the amendment date. However, the Court upheld the Tribunal's decision in favor of the assessee regarding the disallowance of bad debts under section 36(1)(vii) of the Income Tax Act, considering the nature of the transactions as part of the business activity permitted by the Memorandum and Articles of Association. en-us Mon, 06 Dec 2021 00:00:00 +0530 Thu, 29 Jun 2023 20:58:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308495 The High Court partially allowed the Revenue's appeals challenging the Income Tax Appellate Tribunal's order related to assessment years 2001-02, 2002-03, and 2003-04. The Court ruled in favor of the Revenue regarding the levy of interest under Section 234-D of the Income Tax Act for assessments prior to the amendment date. However, the Court upheld the Tribunal's decision in favor of the assessee regarding the disallowance of bad debts under section 36(1)(vii) of the Income Tax Act, considering the nature of the transactions as part of the business activity permitted by the Memorandum and Articles of Association. Case-Laws Income Tax Mon, 06 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308495