2018 (7) TMI 2014

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t : Ms Ashima Neb, Sr. DR ORDER PER SUDHANSHU SRIVASTAVA, J.M. This appeal is preferred by the assessee against the order dated 24.11.2014 passed by the Ld. CIT (Appeals), Rohtak for assessment year 2010-11 and the sole issue under dispute in this appeal is the confirmation of addition of Rs. 1,39,64,857/- which pertains to interest claimed as deduction under the One Time Settlement Schem....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....re the Assessing Officer that the bank had not waived off any principal amount but had only waived the amount due towards interest which was in terms of the Circular issued by the Registrar of Cooperative Societies, Haryana bearing Memo No. 3/7/2007/Credit-5/3598-3658 dated 21.03.07. The assessee submitted before the Assessing Officer that this One Time Scheme was floated in order to attract the d....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....enses had been incurred in terms of the guidelines issued by the Registrar of Societies, Haryana vide Circular bearing Memo No. 3/7/2007/Credit- 5/3598-3658 dated 21.03.07. The Ld. AR also submitted that the assessee had submitted copy of the Circular as well as the ledger accounts of the borrowers who had been given the benefit of interest waiver and the Assessing Officer had simply disregarded t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....relied upon by the assessee, were applicable in the assessee's case or not. It is also apparent that the Assessing Officer has also not examined whether the assessee had claimed the deduction of one time interest waiver as per the provisions of the aforesaid circular or not. The Ld. CIT (Appeals), while dismissing the assessee's appeal, has dismissed the assessee's appeal on the ground that no fol....