2016 (10) TMI 1050

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....ndent : Sanjay R Shah ORDER Pramod Kumar (Accountant Member) 1. By way of this appeal, the Assessing Officer has challenged correctness of the order dated 8th November 2012, in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2009-10. 2. In the first ground of appeal, the Assessing Officer has raised the following grievance: Th....

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....as required under section 36(1)(viia). He noted that as the provision is confined to Rs. 4,85,154, the deduction under section 36(1)(viia) is restricted to the same amount, as against the claim of Rs. 1,01,08,760. Accordingly, a disallowance of Rs. 96,23,606 was made in respect of the bad debts. Aggrieved, assessee carried the matter in appeal before the CIT(A) who deleted the disallowance. The As....

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....ns to the effect that since no provision is created for the bad debts, and that, for this reason, the same cannot be allowed as deduction, we find this aspect of the matter is now covered by the decision of a coordinate bench of this Tribunal, in the case of Power Finance Corporation Limited Vs JCIT [(2006) 10 SOT 190 (Del)] inasmuch as undisputedly the assessee has created a provision of Rs. 1,42....

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.... the assessee, by decision of a coordinate bench, in assessee's own case for the immediately preceding assessment year. In this view of the matter, even as learned Departmental Representative, relied upon the stand taken in the order of the Assessing Officer, which has anyway been rejected by the coordinate bench in immediately preceding assessment year, we see no reasons to interfere in the relie....