TaxTMI 
TaxTMI 
1985 (8) TMI 101
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Outstanding for a period exceeding six months 24,022 Others 4,70,380  ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....p; Considered good 99,55,960 Considered doubtful --- &n....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sp; 1,07,71,747" ---------------------- "6(d) Loans and advances : (unsecured considered good unless otherwise stated) : Advances recoverable in cash or in kind or for value to be received : Considered good &....
X X X X Extracts X X X X
X X X X Extracts X X X X
....p; 24,05,749 Deposit with Industrial Development Bank of India under the Companies Deposits (Surcharge on Income-tax) Scheme, 1976 (including interest accrued Rs. 30,680 previous year Rs. 14,965) &nb....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ceeding further, he pointed out that even according to the balance sheet of the assessee-company and the Schedules of the Act annexed thereto, the provision for doubtful debts as well as the provision for doubtful advances was not only called a 'provision' and not a 'reserve' by the assessee-company itself, it was exactly of the identical amount out of the unsecured sundry debtors and unsecured loans and advances, which were considered by the assessee-company to be doubtful on the date of the balance sheet, unlike the other amounts, which were considered good. 4. In these circumstances, both of these amounts were to meet a diminution in the value of sundry debtors and loans and advances known to exist at the date of the balance sheet and these amounts were mere provisions, which could not be treated as a 'reserve'. Summing up Shri Mahadeshwar vehemently argued before us that the Commissioner (Appeals) wrongly directed that these amounts should be treated as 'reserves' and included in the capital computation for the purpose of determining the surtax liability under the Act. 5. On the other hand, the assessee's learned counsel, Shri Dastur, submitted on the authority of the rul....
X X X X Extracts X X X X
X X X X Extracts X X X X
....essee-company to be doubtful out of sundry debtors and out of loans and advances was brought to the notice of the Tribunal or considered by the Tribunal while deciding the appeals for these years. When there are additional facts, which do not appear to have been considered by the Tribunal while deciding the appeals for the earlier years, there is no reason why we should follow the orders of the earlier years and not take a decision on merits after considering the additional facts brought to our notice in the appeal for this year. In the case of Jupiter General Insurance Co., the Hon'ble Bombay High Court held that the question whether the reserve for bad and doubtful debts was to meet a specific liability or was a 'reserve' not earmarked for any specific liability was decided by the Tribunal on a consideration of the factual position following the principles laid down by the Hon'ble Supreme Court and, therefore, no question of law arose out of the order of the Tribunal. This ruling of the Hon'ble Bombay High Court, therefore, is of no help to us in the present case. In the other case of Goodlass Nerolac Paints Ltd. decided by the Hon'ble Bombay High Court, the amount transferred to....