ITAT Dismisses Revenue’s 14A, TDS & LTCG Grounds Against PNB

Punjab National Bank Vs DCIT (ITAT Delhi) ITAT Delhi Remands Loss-Setoff, Bad-Debt & MAT Issues; Dismisses Revenue’s 14A, TDS & LTCG-Loss Grounds Following Jurisdictional HC These were cross-appeals by Punjab National Bank (PNB) and the Revenue against the NFAC order for AY 2020-21. Assessee’s Appeal – Partly Allowed for Statistical Purposes  (a) Set-off of brought-forward business loss – ₹47.15 croreITAT found uncertainty regarding whether the business loss of AY 2018-19 was already allowed in subsequent years. The matter was restored to the AO to verify records: If alread...