TMI Blog2014 (7) TMI 911X X X X Extracts X X X X X X X X Extracts X X X X ..... upheld – Decided against Revenue. - Tax Appeal No. 549 of 2014 - - - Dated:- 30-6-2014 - M. R. Shah And K. J. Thaker,JJ. For the Petitioner : Mr. Pranav G. Desai ORDER (Per : Honourable Mr. Justice M. R. Shah) 1. Being aggrieved by and dissatisfied with the impugned judgment and order dated 31.12.2013 passed by the learned Income-tax Appellate Tribunal (hereinafter referred to as the Tribunal), Rajkot, in ITA No. 472/Rjt/2011 for A.Y. 2007-08, by which, the learned Tribunal has allowed the appeal preferred by the assessee and granted the deduction under section 36(1)(vii) of the Act, on the amount of ₹ 2,18,05,392/- being bad debts, the appellant revenue has preferred this Tax Appeal before this Court to consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the order passed by the Assessing Officer. 4. Being aggrieved by and dissatisfied with the order passed by the CIT(A) denying deduction under sec. 36(1)(vii) of the Act, the assessee preferred an appeal before the ITAT, and by the impugned judgment and order dated 31.12.2013, the learned Tribunal has allowed the appeal preferred by the assessee and allowed the deduction on account of bad debts of ₹ 2,18,05,392/-, the present appellant-revenue has preferred the present appeal before this Court to consider the proposed substantial question of law, as stated above. The learned Tribunal, in para-9, has observed as under: 9. We have heard both of the parties. The Assessing Officer has made the impugned disallowance in terms of Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he impugned judgment and order passed by the learned Tribunal. The learned Tribunal, while allowing the claim of the assessee of deduction of ₹ 2,18,05,392/- u/s. 36(1)(vii) of the Act, as bad debts, the learned Tribunal has heavily relied on the decision of the Hon ble Supreme Court in the case of Vijaya Bank v. CIT, reported in (2010) 323 ITR 166. We have also considered the decision of Hon ble Supreme Court in the case of Vijaya Bank vs. CIT (supra). The question which is proposed in the present appeal is squarely covered by the decision of the Hon ble Supreme Court in the case of Vijaya Bank v. CIT (supra). In the case of Vijaya Bank v. CIT (supra), the Hon ble Supreme Court has observed and held that where assessee bank had writt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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