2014 (11) TMI 107

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....he substantial question of law which has been raised in the memo of this Appeal arises for determination and consideration. It is submitted that the Tribunal committed an error apparent on the face of the record in applying section 115JB of the Income Tax Act 1961 as amended and particularly in relation to explanation (1) which is an explanation for subsection (2) of section 115JB and clause I thereof. That clause may have been amended with retrospective effect and substituted for the original from 1st April 2001 but that section itself was inapplicable. She submits that there was no question of any provision being made applicable for bad debts. In the given facts and circumstances, the debts which were termed as bad were actually written o....

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....his very Assessee and directed that the Tribunal must determine the matter afresh in the light of the amended section 115JB of the Act, then, it is not open for the Assessee to urge that section 115JB is inapplicable. The Tribunal has also found that a mere provision has been made and therefore there is no question of now invoking a distinct section of the Income Tax Act. He therefore submits that the order of the Tribunal cannot be said to be perverse or vitiated by any error of law apparent on the face of the record. He therefore prays that the Appeal be dismissed. 4. With the assistance of the learned counsel for the parties, we have perused the impugned order as well as the earlier order passed by this Court, copy of which is at Anne....

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.... from consideration by the Tribunal. That is how the Revenue's Appeal was allowed by this order and the Tribunal was directed to hear the Appeal afresh by applying the relevant provision. The plain and simple meaning of this direction would be that when this Court asked the Tribunal to proceed afresh in accordance with law, it is the law as noted and in this Court's order. In the given facts and circumstances, this Court as also the Tribunal rightly proceeded on the footing that the Assessee invoked section 115JB of the Income Tax Act 1961. That was because though the Assessee relied on the statement which is referred in the earlier order of the Tribunal but which order was set aside by this Court. There was on record a certificate ....