TaxTMI 
TaxTMI 
2019 (7) TMI 1254
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....the Revenue being ITA No. 90/KOL/2017, are cross appeals, which are directed against the order of ld. Commissioner of Income Tax (Appeals)-12, Kolkata dated 27.10.2016. 2. First we shall take up the Revenue's appeal being ITA No. 90/KOL/2017, which involves a common issue relating to the deletion by the ld. CIT(Appeals) of the addition of Rs. 1,50,00,000/- made by the Assessing Officer on account of assessee's claim for bad debts written off. 3. The assessee in the present case is a Company, which is engaged in the business of Finance and Securities. The return of income for the year under consideration was filed by it on 21.09.2010 declaring total income at 'NIL'. In the profit & loss account filed along with the said return, a sum o....
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....s. 1,50,00,000/- on account of bad debts in the assessment completed under section 143(3) dated 28.03.2013. 4. The disallowance made by the Assessing Officer on account of its claim for bad debts written off was challenged by the assessee in the appeal filed before the ld. CIT(Appeals) and after considering the submissions made by the assessee as well as the material available on record, the ld. CIT(Appeals) deleted the disallowance made by the Assessing Officer on account of bad debts written off for the following reasons given in paragraph no. 4.2 of his impugned order:- "4.2. I have carefully considered the facts of the case. The Assessing officer has observed that the appellant has given loan of Rs. 4 crore to Elbee Services....
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....ning given by Ld.CIT (A)-3 in A.Y 09-10, therefore, the disallowance of Rs. 1,50,00,000/- is deleted". Aggrieved by the order of the ld. CIT(Appeals), the Revenue has preferred this appeal before the Tribunal. 5. At the time of hearing before the Tribunal, ld. Representatives of both the sides have agreed that this issue is squarely covered in favour of the assessee by the decision of the Tribunal rendered in assessee's own case for A.Y. 2009-10 vide its order dated September 22, 2017 passed in ITA No. 383/KOL/2015, wherein the action of the ld. CIT(Appeals) in deleting the similar disallowance made by the Assessing Officer on account of bad debts written off comprising the part amount receivable from M/s. Elbee Services Limited was u....
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....while computing the total Income by not reducing the provision for diminution in the value of quoted shares written back not claimed for deduction in earlier years of Rs. 94,96,110/- alongwith the reduction effected by him of the provision for NPA written back. Further and in any event and without prejudice to the aforesaid, the Id AO / ld. CIT(A) erred in not deducting the provision for diminution in the value of quoted shares written back amounting to Rs. 94,96,110/- while computing total income. (3) For that the ld. AO CIT(A) erred in not setting off/carrying forward the unabsorbed brought forward losses of Rs. 10,64,09,676/- under the head 'Business' and of Rs. 2,36,650/- towards unabsorbed depreciation of earlier years....
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.... order of the ld. CIT(Appeals) on this issue is accordingly set aside and the matter is restored to the file of the Assessing Officer for verifying the claim of the assessee made for the first time before the Tribunal and decide the issue accordingly. Ground No. 1 of the assessee's appeal is accordingly treated as allowed for statistical purposes. 10. As regards the issue involved in Ground No. 2, the ld. Counsel for the assessee has contended that the provision made for diminution in the value of quoted shares in the earlier years was never claimed by the assessee as deduction and, therefore, no addition could be made on account of write back of the said provision in the year under consideration. He has contended that this issue may als....