2014 (7) TMI 51

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....ection 260A of the Income Tax Act. The appellant is the Kerala Financial Corporation. The appellant filed its return for the assessment year 2008-2009 declaring a total loss of Rs.1,37,34,398/-. The case was selected for scrutiny. The assessing officer completed the assessment assessing a total income at Rs.45,54,15,830/-. In the appeal filed by the appellant before the Commissioner, partial relie....

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....ding to the assessee, the situation has changed in the instant year and it would be in a position to explain each receipt with the documents pertaining to the concerned borrower. Under these set of fats, in our view, it may not be proper to assess the entire collections simply for the reason that in the earlier years, the assessee has agreed for the assessment of the amount available in Suspense a....

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....d CIT (A) on this issue and restore the same to the file of the assessing officer with the direction to examine the nature of each of the receipts accounted under these two heads with reference to the relevant documents and take appropriate decision in accordance with the law. " 2. We heard the learned counsel for the appellant and the learned counsel for the Revenue. 3. The learned counsel for ....