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2018 (6) TMI 555 - AT - Income TaxTaxability of foreman dividend on Company’s chit - principles of mutuality - Held that:- CIT(A), who had upheld the action of the AO by relying on the decision of the ITAT in assessee’s own case [2002 (1) TMI 271 - ITAT HYDERABAD-B] for earlier years that there is no principles of mutuality and that there is not complete identity between the foreman and other participators - since the ground raised in AYs 2013-14 and 2014-15 are materially identical to that of earlier years, following the decision therein, we uphold the order of CIT(A) - thus ground of assessee is dismissed. Deduction of bad-debts relating to running and terminated chits - Held that:- On perusal of earlier year orders of ITAT in assessee’s own case, we find that the ITAT has allowed the assessee’s claim of bad debts in AY 2011-12 wherein it is said, that the claim of the assessee for deduction of bad debts written off is also allowable alternatively as business loss u/s 28(i) - thus we uphold the order of CIT(A) - ground of revenue is dismissed. Commission on cancelled chits and royalty payment - Held that:- Getting directions of ITAT in assessee’s own case as above, we uphold the order of the CIT(A) in allowing the claim of assessee with regard to commission on cancelled chits and claim on royalty payment - thus ground of revenue is dismissed.
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