TaxTMI 
TaxTMI 
2015 (9) TMI 382
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....ience, the grounds taken by the Revenue in ITA no.2950/Del/08 are reproduced hereunder. "1. Whether on the facts and in the circumstances of the case, the Ld. CIT(A), Rohtak was right in deleting addition of Rs. 284.57 lacs made on account of disallowing the provision made for write off of loans particularly when these type of provisions are not admissible under the law. 2. Whether on the facts and in the circumstances of the case, the Ld. CIT(A), Rohtak was right in deleting addition of Rs. 1,15,91,500/- made on account of irrecoverable interest pertain to the provision for bad and doubtful debts when these types of provisions are not admissible under the law. 3. Whether on the facts and in the circumstances of the case, the Ld. CIT(A....
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....sessee is not applicable in the case of the assessee 5. We have heard both the parties and perused the material placed on record and orders of the authorities below. We are of the view that the assessee is a Cooperative Grameen Bank which filed its return of income for loss after claiming various deductions mentioned in the impugned order and the AO has disallowed the same but finally deleted by the ITAT. In view of the Instruction No.5 of the CBDT dated 10.7.2014, the present appeal is not maintainable. As per the records and the grounds raised by the assessee, the assessee was enjoying the benefit of S.80P of the Income Tax Act, 1961 and as such the tax on the income is exempt even if the addition is sustained there will be no tax due as....
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....tained along with the reasons mentioned therein. 9. The answer to the substantial question of law is in negative i.e. in favour of the assessee and against the department. 10. In view of the above, the appeal filed by the department is dismissed, as stated above." 5.1. Keeping in view the CBDT Instruction no.5 of 2014 dated 10th July, 2014 and also the provisions of s.268A of the Act, we are of the view that the Revenue should not have filed the present appeals before the Tribunal. While taking such a view, we are fortified by the following decisions of the Hon'ble Punjab and Haryana High Court. i. CIT vs. Oscar Laboratories P.Ltd. (2010) 324 ITR 115 (P&H) ii. CIT vs. Abinash Gupta (2010) 327 ITR 619 (P&H) iii. CIT vs. Varindera Co....
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....pellant and the remand report of the AO have been duly considered. . 3. Ground of appeal bearing nos. 1 & 8 are general in nature; require no adjudication as such. 4. Ground of appeal bearing nos. 2,3 & 4 pertain to disallowance of provision for bad and doubtful debts/loans of Rs. 284.57 Lacs, the appellant has contended that the AO has not interpreted the provisions of S.36 (1) (vii a) of the IT Act. 4.1 The appellant has submitted that the version of the AO as to complete details having not been submitted before him is wrong and that the annual report was actually filed before him during the assessment year. It has further been actually filed before him during the assessment year. It has further been submitted that the total advance....
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....e been arrived at after subsequent memorandum of change etc. The appellant has offered that it can get the figures reconciled before the AO who has passed the assessment orders under consideration. In view of this you are requested to examine the figures shown in the details submitted by the appellant (copies enclosed herewith), after examining the books of accounts of the appellant for which you are duly authorised and the appellant has been directed to produce the same before you, and send your detailed reports keeping in view the appeal order of the CIT(A) Kamal for the AY. 2002-03 in the appellant's own case. It will be appreciated if the requisite reports for both the A.Ys are received in this office by 30.5.2008 to enable me to ....
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....-. The AO has discussed the issue in para 1 (iii) of the assessment order. The appellant has submitted that its accounts are audited and that it can not spend a single penny without due authorization and vouchers. In view of the facts involved and the reply of the appellant the addition made by the AO is deleted. 7. For the assessment year 2004-05 there are same three issues involved in the appeal of the appellant:- (i) Addition of Rs. 345.73 lacs on account of bad debts written off (ii) Addition of Rs. 32554196/- on account of provision for bad and doubtful debts and (iii) addition of Rs. 2,50,0001- on account of other expenses. These additions are deleted on the same lines as for the A.Y. 2003- 04 as discussed above. 8. In the end the....