TMI Blog2014 (1) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... ence of any examination of the assessee's claim in respect of the said sum, which would fall for consideration u/s. 37(1) of the Act – this aspect of the matter needs to be re-adjudicated - the issue id remitted back to the AO for fresh adjudication – Decided partly in favour of Assessee. - I.T.A. No.176/Mum/2012 - - - Dated:- 22-1-2014 - Shri D. Manmohan, VP And Shri Sanjay Arora, AM,JJ. For the Appellant : Shri M. L. Perumal, Surinderjit S. For the Respondent : Shri Nishit Gandhi ORDER Per Sanjay Arora, A. M. This is an Appeal by the Revenue directed against the Order by the Commissioner of Income Tax (Appeals)-21, Mumbai ('CIT(A)' for short) dated 10.10.2011, partly allowing the assessee's appeal contesting its asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been clarified by the hon'ble court that when a businessman writes off an amount, there is a prima facie evidence that the same is not recoverable (at page 708). 4. We have duly considered the contentions and gone through the record carefully. Without doubt, having been since settled by the apex court in the case of TRF Ltd. vs. CIT [2010] 323 ITR 397 (SC), it is no longer necessary for the assessee to establish the irrecoverability of the debt written off to validate its claim qua the same u/s.36(1)(vii) of the Act. The write off of the impugned sum as irrecoverable by the assessee in its accounts, or the bona fides thereof, is not in doubt or dispute (also refer Schedule 16 of the balance sheet at PB page 32). The reliance by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l is obliged to decide an issue before it on the basis of findings of fact with reference to the material on record, the matter was posted for clarification in the matter. It was explained by the ld. AR thereat that the reference by him to the decision in the case of Lord's Dairy Farm Ltd. (supra) earlier was only qua the same. We have already noted absence of any examination of the assessee's claim in respect of the said sum, which would fall for consideration u/s. 37(1) (refer para 3 of SOF); having in fact not been raised before the A.O., while there is no finding in its respect by the ld. CIT(A). We accordingly only consider it fit and proper under the circumstances to restore the matter qua this part of the assessee's claim back to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
