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2016 (1) TMI 229 - PUNJAB AND HARYANA HIGH COURT

2016 (1) TMI 229 - PUNJAB AND HARYANA HIGH COURT - TMI - Disallowance of debt recoverable - CIT(A) confirmed the addition observing that it was not a debt recoverable but was in fact an advance made to the party for the purchase of material - Tribuna deleted the addition - Held that:- The Tribunal had held the amount as business expenditure as the same was in the course of the business of the assessee. Learned counsel for the appellant was unable to show any illegality or perversity in the findi .....

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me Tax Appellate Tribunal, Delhi Bench 'I' New Delhi (in short, the Tribunal ) in ITA No.2659/Del./2005 for the assessment year 1996-97, claiming following substantial question of law:- Whether, on the facts and in the circumstances of the case, the learned ITAT was right in law in deleting the addition of ₹ 2,18,213/- made by the Assessing Officer and confirmed by the learned CIT(A) disregarding the fact that there was no purchase from the said party during the year under assessme .....

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llowed to be carried forward. The Assessing officer made a disallowance of ₹ 36,40,481/- on account of bad debts on the ground that the assessee had failed to give any plausible explanation vide order dated 30.3.1999, Annexure I. The assessee did not produce evidence of the debt becoming bad in the case of all the parties. On appeal by the assessee, the CIT(A) vide order dated 21.3.2005, Annexure II deleted the addition of ₹ 34,22,268/- and confirmed the addition of ₹ 2,18,213/ .....

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sessing Officer in respect of M/s Chemicals of India observing that it was not a debt recoverable but was in fact an advance made to the party for the purchase of material. The Tribunal held that the amount of ₹ 2,18,213/- was the advance made to M/s Chemicals of India for the purchase of material. The material was not received by the assessee. The expenditure was in the course of the business of the assessee. Therefore, the Assessing officer was directed to allow the said amount as a busi .....

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