Bad Debts Written Off Cannot Be Disallowed as Prior Period Expenses: ITAT Mumbai

TJSB Sahakari Bank Ltd. Vs DCIT (ITAT Mumbai) ITAT Allows Bad Debt Deduction Since Cooperative Banks Had No Section 36(1)(viia) Benefit Before 2006; ITAT Deletes Addition on Recovery of Written-Off Loans Due to Double Taxation; Cooperative Banks Entitled to Bad Debt Deduction on Pre-2006 NPAs; Section 143(1) Intimation Merges With Scrutiny Assessment Under Section 143(3). In a consolidated order concerning Assessment Years (AYs) 2017-18, 2018-19, and 2020-21, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) considered multiple appeals relating to deductions for bad debts, exempt in...