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2014 (5) TMI 224 - HC - Income TaxDeletion of disallowance of sundry debtors Debtors not disclosed during the search Bogus transactions books/ accounts not maintained u/s 36(1)(vii) of the Act T.R.F. Ltd., v. CIT [2010 (2) TMI 211 - SUPREME COURT] not considered - Held that:- It is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable - It is enough if the bad debt is written off as irrecoverable in the accounts of the assessee - the AO has not examined whether the debt has, in fact, been written off in the accounts of the assessee thus, the order of the Tribunal is set aside and the matter is remanded to the Appellate Authority for fresh adjudication Decided in favour of Revenue. Point of levy of surcharge u/s 113 of the Act - Deletion of levy of surcharge by the AO Held that:- Following CIT v. K.C. Puttaswamy Gowda [2011 (7) TMI 572 - KARNATAKA HIGH COURT] the proviso to section 113 of the Act is curative in nature and it merely clarifies that for a relevant date for applicability of the financial year would be the year in which the search is initiated u/s 158BC - surcharge is payable by the assessee Decided in favour of Revenue. Condonation of delay of three months Charging of interest u/s 158BFA(1) of the Act Held that:- Following CIT v. K.L. Srihari [2009 (7) TMI 858 - KARNATAKA HIGH COURT] - the Tribunal is clearly in error in directing the deletion of the interest part on the tax amount as ultimately determined but for the period during which there is a delay in filing the return Decided in favour of Revenue.
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