ITAT Mumbai Judgments — June 2022

The Tribunal condoned the delay in filing the appeals before the CIT(A), citing the Supreme Court's decisions on liberal interpretation of limitation periods. The Tribunal restored the appeals to the file of the CIT(A) for adjudication on merits.

The Tribunal held that the appeals were not maintainable in their current format due to proceedings initiated under the Insolvency and Bankruptcy Code (I&B Code) and the moratorium declared. The appeals were dismissed without prejudice to their merits.

The Tribunal upheld the CIT(A)'s decision to delete the addition, stating that under the mercantile system, income recognition can be postponed if realization is uncertain, especially when the principal itself is doubtful. The Tribunal also noted that the assessee had taken steps like filing police complaints and writing off the amounts in later years.

The Tribunal held that the appeals were not maintainable in their current format due to proceedings initiated under the Insolvency and Bankruptcy Code (I&B Code) and the moratorium declared. The appeals were dismissed without prejudice to their merits.

The Tribunal condoned the delay in filing the appeals before the CIT(A), citing the Supreme Court's decisions on liberal interpretation of limitation periods. The Tribunal restored the appeals to the file of the CIT(A) for adjudication on merits.