https://www.taxtmi.com/caselaws?id=763186 The ITAT Mumbai held that bad debt deduction claims not made in the original return but disclosed in audited financial statements can be allowed by appellate authorities even without filing a revised return. The assessee had written off bad debts in financial statements with complete party details and substantiated that corresponding income was taxed in preceding years. Following SC precedents in TRF Ltd. and Goetz (India) Ltd., the tribunal ruled that while revised returns are preferred, appellate authorities retain power to entertain such claims when facts are undisputed and the assessee is legally eligible for the deduction. en-us Wed, 11 Dec 2024 00:00:00 +0530 Fri, 13 Dec 2024 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763186 The ITAT Mumbai held that bad debt deduction claims not made in the original return but disclosed in audited financial statements can be allowed by appellate authorities even without filing a revised return. The assessee had written off bad debts in financial statements with complete party details and substantiated that corresponding income was taxed in preceding years. Following SC precedents in TRF Ltd. and Goetz (India) Ltd., the tribunal ruled that while revised returns are preferred, appellate authorities retain power to entertain such claims when facts are undisputed and the assessee is legally eligible for the deduction. Case-Laws Income Tax Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763186