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2018 (12) TMI 1769 - HC - Income TaxBook profits computation u/s 115JA - inclusion of loss of assets which had not been actually written off - HELD THAT:- In the subsequent judgment of this Court in the case of COMMISSIONER OF INCOME TAX, MANGALURU Vs. SYNDICATE BANK SYNDICATE HOUSE [2014 (10) TMI 857 - KARNATAKA HIGH COURT] while following the earlier order in the assessee’s own case, the matter was remanded to the First Appellate Authority, with a direction to the authority to look into the records and to record a finding as to whether the bad and doubtful debts are reduced from the loans and advances of the debtors from the assets side of the balance sheet. In view of the fact that the said issue has to be ascertained by the authority, we do not find it necessary that the said substantial question of law raised requires to be answered. Therefore, the matter stands remitted to the Commissioner of Income Tax (Appeals), with a direction to look into the records and to record a finding as to whether the bad and doubtful debts are reduced from the loan and advances of the debtors from the assets side of the balance sheet and thereafter, to re-compute the income under Section 115JA of the Act. The contention of the assessee if raised withregard to the applicability of Section 115JA of the Act, is kept open for adjudication before the Commissioner of Income Tax (Appeals).
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