9911796707
TMI Blog2015 (7) TMI 717X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals)-I, Surat dated 10.03.2010. 2. The Assessee has raised the following grounds of appeal:- "1. In view of the facts and circumstances of the case, the Ld. CIT(A) ought to have held that the Ld. A.O. has erred in disallowing the claim of Bad Debts of Rs. 13,18,904/- and hence Your Appellant most humbly Prays t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereinafter refer to as the Act) disallowed the claim of the assessee of bad debt. The assessee carried the matter before the Ld. CIT(Appeals) who after considering the submissions of the assessee affirmed the disallowance. Against this assessee is in appeal before this Tribunal. Ld. Counsel for the assessee submitted that the AO as well CIT(A) have relied upon the judgment of the Hon'ble High Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax that in order to obtain a deduction in relation to bad debt it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable. It is enough if the debt is written off as irrecoverable in the accounts of the assessee. In the present case, the assessee has written off as irrecoverable bad debt in its accounts this fact is not disputed by the Revenue. Respectfully ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erused the material available on records. It is not disputed by Revenue that in A.Y. 2005-06 the assessee was allowed to treat the closing stock of earlier year as opening stock of next year. It is well settled that the closing stock of earlier becomes the opening stock of succeeding year. In this view of matter, and examining all aspects it would be in the interest of justice if the assessing off ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
