TaxTMI 
TaxTMI 
2014 (2) TMI 513
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....insurance products etc. Assessee filed its return of income for A.Y. 07-08 on 31.10.2007 declaring total income of Rs. 58,18,289/-. The case was selected for scrutiny and thereafter the assessment was framed 143(3) vide order dated 20.12.2009 and the total income was assessed at Rs. 1,04,93,289/-. Aggrieved by the order of A.O., Assessee carried the matter before CIT(A). CIT(A) vide order dated 14.09.2010 granted substantial relief to the Assessee. Aggrieved by the order of CIT(A), the Revenue is now in appeal before us and has raised the following effective ground:- 1. The ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 46,75,000/- made by the Assessing Officer on account of unadjusted balance of advances written ....
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....ss under section 28 of the Act. He accordingly disallowed the advance written off by the Assessee. Aggrieved by the order of A.O., Assessee carried the matter before CIT(A). CIT(A) following the decision of Tribunal in the Assessee's own case for A.Y. 05-06 deleted the addition. 5. Aggrieved by the order of CIT(A), the Revenue is now in appeal before us. Before us, the Revenue relied on the order of A.O. On the other hand, the ld. A.R. submitted that the facts of the case under appeal are identical to that of earlier years and further the issue in the present appeal is covered by the decision of Tribunal in the Assessee's own case for A.Y. 05-06 and 06-07. He also placed on record the copy of the aforesaid orders. He further submitted that....
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....f the case, the ld. CIT(A) in the impugned order concluded that as the assessee advanced the money to the agents who were enhancing the business of the appellant company, the nexus of advances with the business of the assessee has been established beyond doubt and as the advance amount could not be adjusted against the commission due, the assessee had written off the same after a period of 3 years. The Revenue have not placed before us any material contrary to these factual findings of the ld. CIT(A). Regarding plea that there is no evidence that advances have become irrecoverable during the year, in Lords Diary Farm Limited vs. Commissioner of Income Tax, Bombay North, Kutch and Saurashtra, Baroda, 27 ITR 700 (Bom.), Hon'ble High Court hel....
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....rticles having their head office at Dhoraji and branches at Bombay, Mangalore, Verval and Chorvad. In the course of assessment for the assessment year 1967-68, the assessee interalia made a claim before the ITO for bad debt of Rs. 78,824/- in respect of the amount due from M/s. Mohmad Peer Mohmad of Nasik. The ITO disallowed the claim on the ground that the impugned debt was neither incurred in the course of money lending nor in the course of commission agency. The ITO noted that the bad debt was written off from the Bombay books of the assessee firm. The main source of the income at Bombay arose from the commission agency and dealings in grocery articles. On further appeal, AAC upheld the order of A.O. On further appeal the Tribunal addres....