ITAT Grants Major Relief to Co-Op Bank on STCG Set-Off and Bad Debts Disputes

Taxpayer not required to prove irrecoverability for claiming bad debts written off from books: ITAT The Income Tax Appellate Tribunal (ITAT), Ahmedabad, granted significant relief to the company in key issues such as taxation of gains on the sale of assets, applicability of rectification under Section 154, and allowability of bad debts. The assessee, Madhavpura…