Reassessment on change of opinion on provision for bad & doubtful debts is invalid

CIT Vs. M/s. Indian Potash Ltd. (Madras High Court)

The Tribunal has recorded a factual finding that the Assessee has disclosed the figure of provision for bad debts and doubtful debts and interest income also in the Profit and Loss Account submitted along with the return of income. Therefore, the Tribunal held that there is no failure on the part of the Assessee to disclose fully and truly all material facts.  Furthermore, it was pointed out that the figures and reasons for reopening were picked up from the assessee’

Please become a Premium member. If you are already a Premium member, login here to access the full content.