TaxTMI 
TaxTMI 
2015 (12) TMI 1814
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.... very same order of the Ld. CIT(A)-24, Mumbai dated 14.8.2013 pertaining to assessment year 2009-10. All these appeals were heard together as it was agreed by the representatives of both sides that the issues involved are covered either in favour of the assessee or in favour of the Revenue by the earlier orders of the Tribunal in assessee's own case or otherwise. For the sake of convenience, these appeals were heard together and disposed of by this consolidated order. ITA No. 6921/M/2013 - A.Y. 2007-08 2. The grievance of the Revenue read as under: "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing to allow deduction u/s. 36(1)(viia) of I.T. Act before setting of brought forward l....
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....ion for computation of business income as per the provisions of Sec 28 to 43D of the Income Tax Act, 1961. Therefore, the term total income referred in Clause (viia) of Sub-section 1 of Sec. 36 of the Income Tax Act, 1961 is used for the purpose of statutory deduction available for business income". and finally at para-10 on page-9 the Tribunal held as under: "We are of the view that while computing the statutory deduction under Clause (viiia)of Sub-section 1 of Section 36 of the Income Tax Act, 1961, the total income would be the business income of the assessee before deducting the deduction under this Clause and deductions under Chapter 6A of the Income Tax Act, 1961. Therefore the brought forward losses would not be deducted ....
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....f the Act and ground No. 2 relates to the claim made by the assessee u/s. 36(1)(viii) of the Act. 7. In so far as ground No. 1 is concerned, an identical issue was considered by the Tribunal in assessee's own case in assessment year 2008-09 in ITA Nos 4678 & 4842/M/2013. The issue finds placed at para-5 on page-2 of its order and at para-11, the Tribunal restored the matter to the file of the AO with the direction to examine this issue afresh. Respectfully following the findings of the Co-ordinate Bench in assesee's own case (supra), we direct the AO to decide the issue in line with the directions given by the Tribunal in assessment year 2008-09. Ground No. 1 is treated as allowed for statistical purpose. 8. In so far as Ground No. 2 ....
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....ircumstances of the case and in law, the Ld. CIT(A) erred in allowing deduction for bad debts written off of Rs. 3,58,44,30,906/- without appreciating the facts of the case. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in allowing the loss on revaluation of trading derivatives of Rs. 94, 43,13,989/ - without appreciating the facts of the case. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in allowing deduction u/ s 80LA of 1. T.Act, 1961 of Rs. 10, 19,67,746/ - without appreciating that assessee failed to file audit report with the return and further erred in directing A. 0 to call for details to allow claim for above deduction at the appellat....
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.... Finance Act, 2013 w.e.f. 1.4.2014 only and hence it cannot have retrospective effect, since it affects substantive rights of the assessee. Accordingly, we are of the view that there is no reason to interfere with the decision of Ld. CIT(A) on this issue". Respectfully following the findings of the Co-ordinate Bench, we do not find any reasons to interfere with the findings of the Ld. CIT(A). Ground No. 1 is dismissed. 12. Issues raised vide ground No. 2 were also before the Tribunal in A.Y. 2007-08 which were considered in ITA Nos. 631 & 6349/M/2010 and the findings of the Tribunal is given at para-17 on page-6 of the order wherein the Tribunal has followed the decision of the Co-ordinate Bench in assesee's own case for A.Y. 1997-98 ....
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....vance raised vide ground No. 5 have been decided against the assessee and in favour of the Revenue by the Tribunal in assessee's own case in ITA Nos. 4678 & 4842/M/2013 for A.Y. 2008- 09. The Tribunal has considered this issue at para-21 on page-10 of its order and at para-23 the Tribunal held as under: "Since the decision rendered by the Tribunal in A.Y. 2005- 06 is a later decision and since the Tribunal has followed the decision rendered by Hon'ble Punjab & Haryana High Court, we are inclined to follow the same. Accordingly, we set aside the order of the Ld. CIT(A) on this issue and restore that of the AO. " 16. However, before us, the Ld. Counsel for the assessee placed the decision of the Tribunal Ahmedabad Bench in the cas....