https://www.taxtmi.com/caselaws?id=750834 ITAT Chennai dismissed Revenue's appeals regarding bad debts and section 14A disallowance. The tribunal upheld assessee's claim for bad debts on defaulted subscriptions by prized subscribers, following precedents from Telangana HC and Madras HC that unrecovered subscriber amounts constitute allowable bad debts under section 36. For section 14A disallowance, the tribunal accepted that only investments generating exempt income should be included in Rule 8D calculations, following Parry Agro Industries precedent. Where no exempt income was earned, section 14A cannot be invoked per Chettinad Logistics decision. en-us Wed, 21 Feb 2024 00:00:00 +0530 Mon, 01 Apr 2024 08:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750834 ITAT Chennai dismissed Revenue's appeals regarding bad debts and section 14A disallowance. The tribunal upheld assessee's claim for bad debts on defaulted subscriptions by prized subscribers, following precedents from Telangana HC and Madras HC that unrecovered subscriber amounts constitute allowable bad debts under section 36. For section 14A disallowance, the tribunal accepted that only investments generating exempt income should be included in Rule 8D calculations, following Parry Agro Industries precedent. Where no exempt income was earned, section 14A cannot be invoked per Chettinad Logistics decision. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750834