TMI Blog2015 (1) TMI 297X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that there is no reference of the figure of ₹ 16.91 crores in the return - There is no evidence anywhere in the record from which it can be ascertained as to how the figure of ₹ 16.91 crores has been arrived at by the AO - Revenue has not pointed out any error in the facts recorded by the CIT(A) in the order – the order of the CIT(A) is upheld – Decided against revenue. - ITA No.493/M/2013 - - - Dated:- 29-9-2014 - Vijay Pal Rao Rajendra, JJ. For the Appellant : Shri A V Sonde, AR For the Respondent : Shri A C Tejpal, DR ORDER Per: Vijay Pal Rao: This appeal by the Revenue and cross objection by the assessee are directed against the order dated 31.10.2012 of CIT (A) for the assessment year 2004-05 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was considered by the ld. CIT (A) in the impugned order and found that there was no discrepancy in the amounts as both were same. 4. Having considered the rival submissions and careful perusal, we note that the ld. CIT (A) has considered the reconciliation of the amounts shown in the NPA return with the RBI as well as annual accounts and return of income and found that the figure tallied with the amount in the audited P L account and balance sheet. The finding of the ld. CIT (A) discussing all the facts is in paragraphs 5 to 7 which are reproduced as under: 5. In order to ascertain the basis of the addition, the Assessing Officer was requested vide this office letter dtd. 26th July, 2012 to provide a copy of the NPA re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the RBI NPA return and the annual accounts is as under: Sr. No. Particulars Amount (Rs.) 1 Earnings before provision and taxes as per RBI NPA return Rs.123,330 Lakhs (as 2 Net profit as per accounts Rs.57,163 lakhs (as per annual report III) 3 Add: Prov. And Contingencies Rs.66,167 lakhs (as per Schedule Total Earnings as per Accounts Rs.123,330 lakhs (as per annual report) Reconciliation of Oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Provision for taxation Rs.43,858 lakhs (Sch 17,III of the Annual Report) Less: Deferred Tax benefit (C) - Rs.( 3,590) lakhs, (Sch. 17, IV of the Annual Report) Net profit before tax (A + B - C) -Rs.97,431 lakhs (i.e. matching as per RBI Return) i) The amounts of bad debts claimed in the return of income and the annual report i.e. ₹ 86.58 crores is same as the amount reported under return to RBI for the above assessment year. a. The amount of bad debts written off as disclosed in RBI NPA return is ₹ 86.58 crores. b. The aforesaid amount of bad debt written off to the P L A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no basis for the figure of ₹ 16.91 crores stated by the Assessing Officer. For all these reasons, the addition made on account of excess claim of bad debts amounting to ₹ 66.77 crores is hereby deleted. 5. The Revenue has not pointed out any error in the facts recorded by the ld. CIT(A) in the impugned order. Therefore, we do not find any reason to interfere with the impugned order of the ld. CIT(A) and the same is upheld. 6. In the cross objection, the assessee has raised the following grounds: 1) The Commissioner of Income-tax (Appeals)-10, Mumbai (hereinafter referred to as the CIT(A)) ought to have held that the reassessment proceedings are bad in law as it was beyond a period of four years from the end of the re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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