2018 (1) TMI 1773

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....o the adjournment application and submitted that these cases were covered in favour of assessee by the order of Hon'ble Tribunal itself in the case of assessee and our attention was invited to the order of the Tribunal at P.B. page 1, 2, 6 and 1, 2, 10 respectively and relevant findings of the Tribunal were read. 3. The Ld. DR fairly agreed that the issues were covered in favour of assessee, therefore the adjournment application was rejected and the cases were taken as heard. 4. We have heard the rival parties and have gone though the material placed on record. In the appeal filed by assessee, the only issue raised by it is that the authorities below had not allowed payment of premium paid to LIC for covering leave encashment of i....

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....he assessee on the applicability of provisions of section 43B(f) of the Act. In view of the above, the appeals filed by assessee are allowed for statistical purposes." In view of the above precedent we set aside the appeal of the assessee to Ld. CIT(A) who should examine the claim of assessee u/s 37(1) of the Act and should also hear the assessee on the applicability of provisions of 43B(f) of the Act. Now coming to the appeal filed by revenue, we find that the only issue raised by revenue is the action of Ld. CIT(A) by which he has allowed relief of Rs. 80,85,000/- on account of the provisions for bad & doubtful debts on standard assets. This issue is also covered in favour of assessee by the order dated 22.06.2016. The findings of t....

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....r VI-A) and an amount not exceeding ten percent of the aggregate average advances made by the rural branches of such bank computed in the prescribed manner. Provided that a scheduled bank or a non-scheduled bank referred to in this sub-clause shall, at its option, be allowed in any of the relevant assessment years deduction in respect of any provision made by it for any assets classified by the Reserve Bank of India as doubtful assets or loss assets in accordance with the guidelines issued by it in this behalf, for an amount not exceeding five percent of the amount of such assets shown in the books of account of the bank on the last day of the previous year: Provided further that for the relevant assessment years commencin....