TaxTMI 
TaxTMI 
2015 (10) TMI 11
X X X X Extracts X X X X
X X X X Extracts X X X X
....e C.I.T. (Appeals) -12, Mumbai, erred in not deciding the ground No.2 pertaining to re-opening of assessment u/s. 147 by the ld. ITO 6(3)(1) by forming an opinion based on the confirmation of addition made u/sec 2 (22)(e) by the Hon'ble C.I.T. (Appeals)-26 in the appeal for A/Y 2001-02. The reason for re-opening of assessment u/sec 147 does not sustain when the addition u/sec 2(22)(e) has been deleted by the Hon'ble I.T.A.T. 'G' Bench, Mumbai (ITA No.7382/M/04) dated 23/06/2008. 1.2 Without prejudice to the above, the ld. A.O. erred in making a complete assessment of income u/sec 143(3) instead restricting the assessment of escapement of deemed dividend income u/sec 2(22)(e). 2. Disallowance of Bad-Debts wr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....empted dividend income which is quite a reasonable amount in relation to earning of Dividend Income, and hence, no further disallowances can be called for following the Hon'ble Bombay High Court decision in the case of Godrej & Boyce Mfg. Co. Ltd. 328 ITR 81 " 3. The Ground No.1 of the appeal is relating to the validity of the reopening of the assessment u/s 147 of the income tax Act. The brief leading to the reopening of the assessment are that the Income tax return for the assessment year under consideration was filed by the assessee on 20.11.1998 which was processed u/s 143(1) of the Act on 4.6.2009. The Assessing officer (hereinafter referred to as the AO) during the assessment proceedings u/s 143(3) for AY 2001-02 added the unse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s relied upon the following decisions in this respect. 1. Connection Vs. ITO 355 ITR 465 (Guj) 2. Ultramarine Air Aids (P) Ltd. v/s. Inspecting ACIT 332 ITR 273 (Delhi) 3. P.G. Foils Ltd. vs. DCIT 353 ITR 548 (Guj). 5. We have considered the submissions of the Ld. AR and have also gone through the case laws relied upon by him. In our humble view none of the case laws relied upon by the Ld. AR are applicable to the case of the assessee before us. In the case of 'connection vs. ITO' (supra) the original assessment was done u/s 143(3) of the Act. The Hon'ble High Court held that proviso to section 147 was applicable to the said case. Moreover the additions on the basis of reopening was made in that cas....
X X X X Extracts X X X X
X X X X Extracts X X X X
....accordingly dismissed. Ground No.2 6. The assessee through ground No.2 of the appeal has agitated the confirmation of the additions in relation to provision for bad debts. The Ld. AR, before us has contended that the same was not the provision but was the actual debt written off in the P & L Account. Inadvertently it was mentioned as a provision. He has further contended that the bad debts are allowable in the light of the decision of the Hon'ble Supreme Court in the case of 'T.R.F. ltd.' 323 ITR 397. The Ld. DR on the other hand has relied upon the findings of the lower authorities. 7. The Ld. AR has submitted that it was not the provision but the actual irrevocable debts written off. The Hon'ble Supreme Court i....