Reversal of Previously Disallowed Securitisation Provisions Cannot Be Taxed Again: ITAT Mumbai

Mahindra and Mahindra Financial Services Ltd Vs DCIT (ITAT Mumbai) Reversal of Earlier Disallowed Provisions Not Taxable Because No Prior Deduction Was Allowed; ITAT Deletes Addition on Securitisation Provision Write-Back Due to Double Taxation Risk; Book Reversal Alone Cannot Create Taxable Income; ITAT Allows Reduction of Securitisation Provision Reversal From Taxable Income; Double Taxation Avoided Because Earlier Securitisation Provisions Were Already Disallowed; ITAT Upholds Relief on Securitisation Provision Reversal Due to Documentary Evidence. The Income Tax Appellate Tribunal (ITAT), ...