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2018 (7) TMI 2014 - ITAT DELHIInterest claimed as deduction under the One Time Settlement Scheme (OTS Scheme) for loan defaulters - AO disallowed the assessee’s claim at the threshold itself without examining the details in this regard and also without examining as to whether the provisions of the afire mentioned Circular, as being relied upon by the assessee, were applicable in the assessee’s case or not - HELD THAT:- AO has also not examined whether the assessee had claimed the deduction of one time interest waiver as per the provisions of the aforesaid circular or not. CIT (Appeals), while dismissing the assessee’s appeal, has dismissed the assessee’s appeal on the ground that no follow up action had been taken up by the assessee bank to recover the outstanding amount. Therefore, it is very much apparent that none of the lower authorities have examined the deduction claimed by the assessee in light of the terms of the aforesaid Circular issued by the Registrar of Cooperative Societies, Haryana. It is our considered opinion that in the interest of justice, the matter should be re-examined by the Assessing Officer. Accordingly, we restore the issue to the file of the AO to be examined afresh after taking into account the provisions of the Circular as well as after duly examining whether the assessee has claimed the waiver of interest in terms of the aforesaid Circular or not. Needless to say, the assessee will be afforded due opportunity by the AO in this regard. - Appeal of the assessee stands allowed for statistical purposes.
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