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2012 (9) TMI 610 - AT - Income TaxAddition made by disallowing the provision for standard assets on ground that u/s 36(1)(viia) only provision for bad and doubtful debts was allowable and nature of standard assets as per RBI guidelines are performing assets and thus they are not bad and hence not covered in 36(1)(viia) - Revenue contesting deletion of addition by CIT(A) on ground that CIT(A) should not have decided the matter without admitting the guidelines of RBI, not provided by assessee before AO, as an additional evidence as per Income Tax Rules, 1962 - Held that:- CIT(A) is not justified in accepting the explanation of the assessee which was not made before the A.O. The same should have either been admitted under Rue 46A of the I.T. Rules, 1962 and by having a remand report from the A.O. The same has not been done by the CIT(A). Therefore, the order of CIT(A), at the outset, is against the principles of natural justice and deserves to be reversed. Hence, matter is set aside to the file of the A.O. who will examine the claim of the assessee and find out whether the provisions made is a provision for bad and doubtful debts, first and if so thereafter apply the limit as provided under clause (a) to section 36(a)(viia) - Decided in favor of assessee for statistical purposes.
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