https://www.taxtmi.com/caselaws?id=309117 The ITAT Cochin ruled in favor of the assessee in a case involving the revision of assessment under section 263 of the Act by the Pr. CIT. The dispute centered on the allowance of deduction under section 36(1)(vii) for bad debts written off and the interpretation of financial statements regarding provisions for NPA. The ITAT Cochin, relying on the Supreme Court judgment in Vijaya Bank vs. CIT, found in favor of the assessee, quashing the Pr. CIT's order and directing the correct deduction be allowed after determining that the original assessment was not erroneous. en-us Thu, 07 Nov 2019 00:00:00 +0530 Fri, 11 Aug 2023 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309117 The ITAT Cochin ruled in favor of the assessee in a case involving the revision of assessment under section 263 of the Act by the Pr. CIT. The dispute centered on the allowance of deduction under section 36(1)(vii) for bad debts written off and the interpretation of financial statements regarding provisions for NPA. The ITAT Cochin, relying on the Supreme Court judgment in Vijaya Bank vs. CIT, found in favor of the assessee, quashing the Pr. CIT's order and directing the correct deduction be allowed after determining that the original assessment was not erroneous. Case-Laws Income Tax Thu, 07 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309117