2016 (12) TMI 171

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....imha Chary, JM: This appeal by assessee is arising out of order of CIT(A)-VI, Kolkata vide Appeal No. 282/CIT(A)-VII/Cir-6/2011-12/Kol dated 14.01.2013. Assessment was framed by DCIT, Circle-6, Kolkata u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the "Act") for AY 2009-10 vide his order dated 29.12.2011. 2. Brief facts of the case are that the assessee is an Industrial Inv....

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....000/- being Bad Debts Written off. 2. That without prejudice to the contention raised in Ground No. 1 above, the CIT(A) failed to appreciate that due to writing back of provision to the extent of Rs. 124,69,89,000/- in the Assessment Year 2004-05, the balance in the account of Provision for Doubtful Debts had been substantially reduced and thus he erred in holding that the Bad Debts Written Off....

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....ties below and urged before the bench to confirm the order of Ld. CIT(A) in this regard. 7. We have heard rival submissions and gone through facts and circumstances of the case. Under section 36(1)(viia)(c) of the Act, a State Industrial Investment Corporation shall be allowed deductions in respect of any provision for bad and doubtful debts made by it, an amount not exceeding 5% of the total inc....

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.... the Act. Out of said provision the assessee has periodically writing of various amounts as follow: Bad debts written off disallowed: AY Amount 2003-04 70,15,873 2004-05 1,42,48,266 2005-06 8,20,27,924 2006-07 9,71,69,000 2007-08   2008-09 19,59,35,000 2009-10 51,95,96,000 After writing off the aforesaid amounts till 2009-10 to a tune of Rs. 91,59,92,063/- the unabsorbed por....