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2021 (3) TMI 669 - AT - Income TaxTDS on payments to VISA/Master Card - assessee submitted that as per the terms of respective agreement, the assessee had to bear all tax liability on payment made to Visa / Master Card and therefore, the expenditure was business expenditure allowable u/s 37(1) - HELD THAT:- As decided in own case [2020 (2) TMI 1466 - ITAT MUMBAI] whether the said expenditure was reimbursable by VISA or not, was not brought on record. The answer to the same would be vital to clinch the issue in proper perspective. Obviously, if the expenditure was non reimbursable in nature and it was borne by the assessee himself, the same would certainly become assessee’s liability and hence an allowable expenditure as held in earlier years. On the contrary, if the expenditure was reimbursable in nature, it would materially alter the assessee's claim of deduction. The submissions made by Ld. AR also do not throw much light on this fact and the observation made by Ld. CIT(A) has remained unaddressed. Therefore, with a view to bring on record clear facts and to dispel the concerns raised by Ld. DR, we restore the matter back to the file of Ld. CIT(A) with a direction to ascertain the correct facts. The assessee is directed to provide the requisite details / information. MAT computation u/s 115JB - Write-back of provision for Card NPA - While computing Book Profits u/s. 115JB, the assessee reduced ‘provision of card receivables written-back’ - as provision for card receivable, in earlier years, was not added back to compute Book Profits for AYs 2007-08 to 2010-11 therefore, Ld.AO opined that reduction in Book Profits would not be available to the assessee in this year - HELD THAT:- As decided in own case [2019 (7) TMI 790 - ITAT MUMBAI] we hold that the assessee was entitled for deduction of write-back while computing Book Profits u/s 115JB. The Ld. AO is directed to re-compute Book Profits u/s 115JB. The ground thus raised stand allowed.
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