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2018 (3) TMI 1193 - ITAT CUTTACKDisallowance of cessation of loan - written off of loan from OPGC - CIT-A deleted the addition - Held that:- The findings of the CIT(A) indicate that the amount written-off (written back by the assessee in its accounts) represents a part of the loan from OPGC which was taken long back, we find that the facts are not controverted by ld D.R and also the revenue not place cogent material on record to suggest that the deduction or allowance in respect of this amount of ₹ 50,00,000/- was allowed to the assessee in any earlier assessment year or year. CIT(A) has dealt on the issue and after enquiring the materials available on record vis-à-vis explanation of the assessee, we do not see any reason to interfere with the order of the CI(A) and uphold the same. - Decided against revenue
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