2011 (3) TMI 454

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....ocate for the respondent.   AJAY KUMAR MITTAL, J.   This appeal has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") against order dated 28.2.2003 passed by the Income Tax Appellate Tribunal, Chandgiarh Bench 'B', Chandigarh in ITA No.1321/Chandi/95, relating to the assessment year 1992-93, claiming the following substa....

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....sioner of Income-Tax (Appeals) (for short "the CIT(A)") which was partly allowed on 4.9.1995. However, the disallowance for provision for bad and doubtful debts was upheld. On further appeal filed by the assessee, the Tribunal accepted the claim of the assessee relating to provision for bad and doubtful debts vide order dated 28.2.2003. The Revenue feeling dissatisfied with the order of the Tribun....

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....bsp; 5. It would be advantageous to refer to Explanation to Section 36(1)(vii) inserted by Finance Act, 2001 with effect from 1.4.1989 which reads as under:- "Explanation:- For the purposes of this clause, any bad debt or part thereof written off as irrecoverable in the accounts of the assessee shall not include any provision for bad and doubtful debts made in the accounts of the assessee." &nbs....