TaxTMI 
TaxTMI 
2010 (12) TMI 858
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.... Mr. S.K. Mukhi, Advocate for the respondent-assessee. AJAY KUMAR MITTAL, J. This appeal under Section 260A of the Income-Tax Act, 1961 (for short "the Act") has been filed by the Revenue against the order dated 28.9.2005, passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chandigarh (in short "the Tribunal") in ITA No. 393/CHANDI/2004, relating to the assessment ye....
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.... 143(3)/263 of the Act on 26.2.2003 at a total income of Rs. 15,91,890/-, including Rs. 12,52,350/- which the assessee had claimed as bad debts written off. The Commissioner of Income-tax (Appeals) {in short "the CIT(A)"}, allowed the appeal of the assessee on the issue of disallowance of Rs. 12,52,350/-, vide order dated 16.1.2004. Aggrieved by the said order, the Revenue preferred appeal before ....
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....esult arrived. The Assessing Officer has not doubted the condition for allowing bad debts. The only objection of the Assessing Officer is that whether it has really become bad? There is an amendment in proviso to Section 36(1)(vii) with effect from 1.4.89 which provides that is bad debt which is written off as irrecoverable in the books of accounts of the assessee is allowable as against the earli....