Additional Bad Debt Deduction Claim Allowed During Assessment: ITAT Mumbai

Hybrid Financial Services Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that additional claim of deduction of bad debts under section 36(1)(vii) of the Income Tax Act filed during the course of assessment other than filing a revised return is allowable. Accordingly, appeal of the assessee allowed. Facts- The assessee filed its return of income on 23.09.2014, reporting a loss of Rs. 1,16,70,751/-. Subsequently, assessee filed revised return of income on 29.09.2014 declaring Nil income and claiming the same loss as per the original return. During the course of assessment proceedings, assessee vide...