2015 (8) TMI 279

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....ABRAHAM JOSEPH MARKOS AND SRI.ISAAC THOMAS FOR THE RESPONDENT : SRI.JOSE JOSEPH, SC FOR INCOME TAX AND SRI.P.K.R.MENON, SC FOR INCOME TAX JUDGMENT Antony Dominic, J. The assessee has filed this appeal aggrieved by the order passed by the Income Tax Appellate Tribunal, Cochin Bench, in ITA687/13 which was filed by the Revenue. 2. The assessee, is a company which had given certain loa....

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....nal restored the order of the Assessing Officer. It is in this background, this appeal has been filed by the assessee and the question of law framed is mainly whether on the facts of the case, the Appellate Tribunal is right in confirming the disallowance of the claim for interest and lease rentals written off. 5. We heard the senior counsel for the appellant and the senior counsel appearing fo....

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....ims of the assessee. 7. Before us, learned counsel contended that the assessee was entitled to claim deduction under Section 36(vii), which enables deduction of any bad debt or part thereof which is written off as irrecoverable in the accounts of the assessee for the previous year, subject to the provisions of Section 37(2). In so far as this claim of the appellant is concerned, first of all, s....