Section 154 Cannot Be Used to Make Fresh Disallowance of Asset Write-Off Claim: Bangalore ITAT

Jana Small Finance Bank Ltd. Vs ITO (ITAT Bangalore) Section 154 Cannot Be Used to Make Fresh Disallowance of Asset Write-Off Claim: Bangalore ITAT rectification powers are confined to correcting mistakes apparent from the record and cannot be used to review completed assessments or introduce new disallowances. In this case, the assessee-bank’s assessment had undergone multiple rounds of scrutiny, appeal and remand. However, in none of the earlier assessment orders passed under section 143(3) did the Assessing Officer raise any objection regarding the claim for loss on write-off of asset...