https://www.taxtmi.com/caselaws?id=760102 The ITAT Mumbai remanded the bad debts disallowance issue to CIT(A) for proper verification after finding that the CIT(A) failed to consider the assessee's contention that the expenditure was business-related rather than bad debt under section 36(1)(vii) and 36(2). The authorities did not dispute the genuineness of the expenditure. Regarding adhoc disallowances for staff welfare, marketing development, conveyance, travelling and miscellaneous expenses, the ITAT reduced the disallowance rate to 10% from the higher rate applied by the AO, noting the lack of supporting evidence beyond self-made vouchers but finding the original disallowance excessive and without proper basis. en-us Wed, 09 Oct 2024 00:00:00 +0530 Wed, 16 Oct 2024 08:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760102 The ITAT Mumbai remanded the bad debts disallowance issue to CIT(A) for proper verification after finding that the CIT(A) failed to consider the assessee's contention that the expenditure was business-related rather than bad debt under section 36(1)(vii) and 36(2). The authorities did not dispute the genuineness of the expenditure. Regarding adhoc disallowances for staff welfare, marketing development, conveyance, travelling and miscellaneous expenses, the ITAT reduced the disallowance rate to 10% from the higher rate applied by the AO, noting the lack of supporting evidence beyond self-made vouchers but finding the original disallowance excessive and without proper basis. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760102