2019 (7) TMI 408 - SCH - Income Tax

Entitlement to deduction of provision made in respect of doubtful and loss assets u/s 36(1)(viia)(c) - assessee did not have any positive profits to set it off from - scope of amendment - Tribunal allowed claim - HC unable to accept the stand taken by the Revenue for the reason that the proviso to sub-Clause (c) in Section 36(1)(viia) uses the word at its option - HELD THAT - SLP dismissed.

Summary

The Supreme Court dismissed the special leave petition after condoning the delay. Pending applications were disposed of. Key persons involved: Ms. Pinki Anand, ASG Mr. S.A. Haseeb, Ms. Praveena Gautam, Ms. Kirti Dua, Mrs. Anil Katiyar.