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2015 (5) TMI 318 - GUJARAT HIGH COURT

2015 (5) TMI 318 - GUJARAT HIGH COURT - TMI - Disallowance of writing off of the irrecoverable advances and other debit balances claimed u/s 36(1)(vii) - ITAT allowed claim - Held that:- Tribunal has deleted the addition made by the AO and not allowing the deduction in relation to the aforesaid amount as bad debts and/or it become irrecoverable. It is not in dispute that as such the assessee written off the said debt in the balance sheet. In the case of T.R.F. Ltd. (2010 (2) TMI 211 - SUPREME CO .....

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as irrecoverable in the accounts of the assessee. - Decided in favour of assessee. - Tax Appeal No. 281 of 2015 - Dated:- 27-4-2015 - M. R. Shah And S. H. Vora,JJ. For the Appellant : Mrs Mauna M Bhatt, Adv. For the Respondent : None JUDGMENT (Per : Honourable Mr. Justice M. R. Shah) 1.0 Feeling aggrieved and dissatisfied with the impugned judgment and order dated 27.08.2014 passed by the learned Income Tax Appellate Tribunal, 'B' Bench, Ahmedabad in X-Objection No.148/Ahd/2011 for the .....

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ar 2006-07 declaring total income of ₹ 15,62,01,340/-. The case was selected for scrutiny under CASS. Accordingly, notice under section 143(2) of the Income Tax Act, 1961 (hereinafter referred to as "Act") was issued and served upon the assessee company. That during the assessment proceedings the AO found that the assessee had written off advances amounting to ₹ 1,58,529/- . The AO was of the opinion that it was not allowable as the assessee had not justified as to how the .....

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the AO against which the Revenue preferred appeal to which we are not concerned in the present appeal. Against confirming the addition made by the AO of ₹ 1,58,529/-, the assessee preferred Xobjection being CO No.148/Ahd/2011 and relying upon the decision of the Hon'ble Supreme Court in the case of T.R.F. Ltd. v. Commissioner of IncomeTax reported in 323 ITR 397 (SC) ,the learned Tribunal has deleted the addition of ₹ 1,58,529/-. 2.1 Feeling aggrieved and dissatisfied with the im .....

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