TaxTMI 
TaxTMI 
2015 (1) TMI 297
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....f assessee of Rs. 69.77 crores? 2. The Appellant prays that the order of the ld. CIT(A) on the above ground(s) be set aside and that of the Assessing Officer restored. 3. The Appellant craves leave to amend or alter any ground or add a new ground which may be necessary". 2. In the reassessment proceedings, the Assessing Officer noted that the bad debts claim allowed in the assessment order was much higher than those shown by the bank in NPA return furnished to RBI. The Assessing Officer noted that the bad debts claim by the assessee were Rs. 86.68 crores while the bad debts shown in the NPA return filed with the RBI were of Rs. 16.91 crores. Accordingly, the difference of Rs. 69.77 crores was added back to the total income of the a....
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....ide his reply dtd. 2-8-2012 has forwarded copy of the NPA return. However, on examination of the same, it is found that there is no reference of the figure of Rs. 16.91 crores in the said return. As a matter of fact, the said return also disclosed bad debts at Rs. 86.56 crores only which is what has been claimed by the assessee in the return of income. In view of the same, the Assessing Officer was once again requested vide this office letter dtd. 9th August 2012 to provide the basis for the figure of Rs. 16.91 crores as the same did not find any mention in the NPA return forwarded by the Assessing Officer. Further reminder in this regard was issued on 9th October 2012. However, no reply was received from the Assessing Officer in this regar....
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....Rs.8,658 lakhs Total Rs.16.506 Lakhs 3(b) Total NPA as per accounts Provisions for non-performing assets / written offs Rs.16,506 lakhs (Schedule 17, I, as per annual report) Net profits as per RBI NPA return and the annual accounts: 4 (a) Net profit (Profit after tax) - Rs. 97,431 lakhs (as per RBI return) (b) Net profit before tax (as per annual report) Net profit after taxes for the year (A) Rs.57,163 Lakhs (per Schedule Ill of Profit and Loss account) Add: Provision for taxation Rs.43,858 lakhs (Sch 17,III of the Annual Report) Less: Deferred Tax benefit (C) - Rs.( 3,590) lakhs, (Sch. 17, IV of the ....
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....ssessee with the figures in the audited P&L accounts and balance sheet. It was hence submitted that the claim of the assessee on account of bad debts is duly supported by its P&L account and balance sheet. 7. The assessee's submission on the above account was examined and found to be correct. Under the circumstances, there is no basis for concluding that the claim of the assessee is not supported by any proof on record. Also there is no basis for the figure of Rs. 16.91 crores stated by the Assessing Officer. For all these reasons, the addition made on account of excess claim of bad debts amounting to Rs. 66.77 crores is hereby deleted." 5. The Revenue has not pointed out any error in the facts recorded by the ld. CIT(A) in the im....