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2015 (9) TMI 1288 - AT - Income TaxRectification of mistake - claim for bad and doubtful debts under section 36(1)(vii) - Held that:- The issue before the Tribunal was whether the provisions for bad and doubtful debts can be allowed under section 36(1)(vii) on the basis of approval of the Board of Directors of the assessee-company. The Tribunal has examined this issue in para 9 of its order and has given a categorical finding that the assessee has claimed deduction for bad and doubtful debts under section 36(1)(vii) of the Act; whereas this section deals with only actual claim of deduction. Since the Tribunal has taken into account all the arguments of the assessee while adjudicating the issue, we find no error apparent in the order of the Tribunal. The Tribunal has given a categorical finding that the provisions for bad and doubtful debts cannot be claimed under section 36(1)(vii) of the Act, as it deals with actual claim of deduction. The Tribunal has also taken cognizance of the provisions of clause (vii)(a) of section 36(1) of the Act, which deals with the issue of claim of provision for bad and doubtful debts made by the Scheduled Bank, non-Scheduled Bank or Corporation Bank, etc. Therefore, it cannot be said that the Tribunal has not dealt with the issue in the light of assessee’s contentions. Since the Tribunal has taken a particular view in the light of assessee’s contentions, the findings of the Tribunal cannot be reviewed under the garb of rectification. No merit in this Miscellaneous Application of the assessee, as no error apparent in the order of the Tribunal is pointed out. The ld. counsel for the assessee has tried to dispute the findings of the Tribunal and seeking a review of the order of the Tribunal which is not permissible under section 254(2) of the Act and we accordingly reject the Miscellaneous Application. - Decided against assessee.
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