2014 (11) TMI 1192

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....DV. For the Respondent : SRI. G. SARANGAN, SR. ADV., FOR BALRAM R RAO, ADV. ORDER The revenue has preferred this appeal against the order passed by the Tribunal granting relief to the assessee. 2. The assessee is carrying on banking business. In respect of assessment year 2004-05, the assessee filed the return of income. Subsequently, he proceeded to file a revised return. The assessee....

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....udgment of the Tribunal in the assessee's own case in the earlier assessment year has allowed the appeal. Aggrieved by the said order, the revenue preferred an appeal to the Tribunal. The Tribunal has dismissed the appeal affirming the order passed by the First Appellate Authority. It is against the said order, the revenue is in appeal. 3. There are two substantial questions of law that arises ....

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....rity do not accrue on day to day basis and only on maturity? 4. Insofar as the first substantial question of law is concerned, the Assessing Authority has not disputed the fact that the assessee's claim for bad debt under Section 36(1)(vii) does not represent those debt in which deduction has been claimed under Section 36(1)(vii) of the Ac t, out of the provision for bad and doubtful debts. In ....