2021 (9) TMI 1359

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.... Respondent by : Mr. Clement Ramesh Kumar, CIT O R D E R Per V. Durga Rao, Judicial Member: This appeal filed by the assessee is directed against the order of the learned Commissioner of Income Tax (Appeals)-17, Chennai in I.T.A No.202/2017-18 dated 31.01.2019 relevant to the Assessment Year 2011-12. 2. The brief facts of the case are that the assessee is a banking company and filed....

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.... already came up before the Hon'ble ITAT "C" Bench, Chennai for assessment year 2008-09 in ITA No.1879/Chny/2017 dated 06.06.2019 and the Tribunal has upheld the reopening. The Ld. D.R has also submitted that the A.O clearly mentioned that there is an escapement of income and therefore, he strongly supported the orders passed by the A.O and Ld. CIT(A). 5. We have heard both the sides, perused t....

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....for debt and same is allowed. Subsequently, the assessee has received an amount of Rs. 209.61 crores under Agricultural Debt Waiver and Debt Relief Scheme, 2008. It is very clear that the amount, which is already claimed as a bad debt by the assessee and again assessee has received the same amount under debt waiver and debt relief scheme. According to the A.O, there is an escapement of income. Acc....

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....esh in accordance with law. For the sake of convenience, the relevant portion of the order is extracted as under: "5.5.3 We have considered the rival submissions on either side and perused the material available on record. The assessee admittedly received Rs. 234.53 crores towards first installment on account of Agricultural Debt Waiver and Debt Relief Scheme 2008. The CIT(A) found that i....