2020 (4) TMI 547

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....milar question of law. 1.1 Under the circumstances, ADMIT. The following substantial question of law arises for consideration: (A) Whether on the facts and in the circumstances of this case, the Income Tax Appellate Tribunal was justified in upholding the deletion of addition of CENVAT receivable on Rs. 2,98,57,398/- made under section 145A of the Income Tax Act, 1961? 2. Insofar as the proposed question [B] is concerned, the same relates to deletion of disallowance of Rs. 69,22,190/- made under section 14A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") read with rule 8D of the Income Tax Rules, 1962 (hereinafter referred to as "the rules"). 2.1 The Assessing Officer disallowed expenses of Rs. 69,22,190....

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....e, which was 8.50% of such income, it is not possible to state that there is any infirmity in the impugned order passed by the Tribunal upholding the order of the Commissioner (Appeals) qua this ground of appeal. Proposed question [B], therefore, does not give rise to any question of law. 3. Insofar as proposed question [C] is concerned, a perusal of the controversy raised vide the said question shows that it is only consequential to the ground of appeal raised vide proposed question [B]. Having regard to the fact that question [B] does not give rise to any question of law; as a necessary corollary it follows that question [C] also does not give rise to any question of law. 4. Insofar as the proposed question [D] is concerned, the sam....

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....urt in the case of CIT v. Vijaya Bank (supra) would be applicable to the facts of the present case, and directed the Assessing Officer to verify the entries in the profit and loss account and the balance sheet to ascertain that the assessee has correspondingly/simultaneously obliterated the said provision from its accounts by reducing the corresponding amount from loans and advances/ debtors on the assets side of the balance sheet, and consequently, at the end of the year, the figure in the loans and advances or the debtors on the assets side of the balance sheet is shown as net of the provision for the "impugned bad debt". She, accordingly, held that the assessee will be entitled to the benefit of deduction under section 36(1)(vii) of the ....