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2007 (2) TMI 669
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....irected against the order of the Income-tax Appellate Tribunal in ITA No.1776/Mds/2002 dated 28.8.2006, raising the following substantial questions of law:- (i) Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the appellant is not entitled to deduction of the 'provision' made in respect of Non Performing Assets whic....
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....ks of accounts, which represent the dimunition in value of the amount receivable and therefore, to be allowed as a business loss, if it was not allowed as a bad debt. 3. Aggrieved by the order of the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals) contending that the provision has been made in accordance with the directions of the Reserve Bank....
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....oration Ltd. v. Joint Commissioner of Income Tax (280 ITR 491) and holding that the Commissioner was not justified in deleting the addition, restored the order of the Assessing Officer. Hence, the above appeal. 5. In T.N.Power Finance and Infrastructure Development Corporation Ltd. v. Joint Commissioner of Income Tax (280 ITR 491), this court held that merely because the Reserve Bank of India h....