9911796707
TMI BlogDisallowance for prepaid finance charges was deleted as the Tribunal in the assessee's own case for the...Disallowance for prepaid finance charges was deleted as the Tribunal in the assessee's own case for the previous year had allowed deduction for finance charges including prepaid finance charges in the year of payment itself. Excess interest spread income earned on assignment of receivables was deleted following the Tribunal's decision in the assessee's own case for a different year. Regarding provision for bad and doubtful debts u/s 36(1)(viia)(d), the deduction cannot exceed 5% of total income, and the differential amount disallowed by the AO was confirmed. The alternative claim regarding reversal of provision for standard assets and diminution in value of investments was remanded back to the AO for fresh adjudication as facts were not examined. The Appellate Tribunal's decision was cited. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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