2011 (10) TMI 679

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....e case, whether the CIT(A) is correct in holding that income from let-out of the amenities should be assessed as income from house property even though there was a separate agreement for let out of amenities. 4. On the facts and circumstances of the case, whether the CIT(A) is correct in allowing the bad debts even though the debts have not become bad. 5. The CIT(A) erred in holding that the necessary remedial action has been taken by initiating the legal action to write off the debts, even though the debts have been settled outside the court for the reasons best known to the assessee. 6. The CIT(A) erred in allowing the claim of the assessee on write off the bad debts in the case of M/s. Panyam Cements & Minerals Ltd. even though ....

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....rent, viz. both from the premises as well as the amenities therein to be treated as income under the head 'house property' and has followed the decision of the Hon'ble Supreme Court in the case of Shambhu Investments P. Ltd. V.s. CIT (263 ITR 143)-SC. He submitted that on the other issue of allowability of bad debts, the CIT(A) has passed an elaborate speaking order, after discussing all the relevant case-law on the issue and has held that it could be said that since there was no dispute that the transactions of loan/ICD had actually taken place and interest thereon had been offered to tax over the years and assessed as business income, the write off of such bad debts after initiation of legal proceedings by the assessee could not be consid....