TMI Blog2013 (2) TMI 757X X X X Extracts X X X X X X X X Extracts X X X X ..... without appreciating the fact that the proviso to Section 36(1)(viia) states clearly that deduction of bad debts shall be limited to the amount by which such debt exceeds the balance in the provision account made u/s.36(1)(viia) ? - Held YES - instructions issued by the Central Board of Direct Taxes (CBDT) being instruction No.17/2008 dated 26th November, 2008 covers the issue in favour of the respondent-assessee. Whether Tribunal is correct in holding that interest expenses claimed by the assessee is not a deduction but it is an expenditure and it is not the case of the revenue that these expenditures are not allowable in the regular course of business of the assessee without appreciating the fact that there are no provisions in the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovision account made u/s.36(1)(viia) ? iii) Whether on the fadated 8th Januarycts and circumstances of the case and in law, the Tribunal is correct in holding that impugned amount claimed by the assessee is not a deduction but it is an expenditure and it is not the case of the revenue that these expenditures are not allowable in the regular course of business of the assessee without appreciating the fact that there are no provisions in the Act which allow change in computation of income by the assessee by reasons of modification of account, otherwise than by filing revised return ? (iv) Whether on the facts and circumstances of the case and in law, the Tribunalis correct in holding that section 44C is not applicableand these ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entassessee is that in view of the decision of the Apex Court in the matter of Goetze (India) Ltd. V/s. CIT reported in [2005] 284 ITR 323 (SC) the claim was not made by way of revised return of income. This Court in the matter of CIT V/s. Pruthvi Brokers and Shareholders P. Ltd. reported [2012] 349 ITR 336 (Bom) has considered the decision of the Apex Court in the matter of Goetze (India) Ltd. (supra) and concluded that even if the deduction was not claimed, by filing of the revised return before the assessing officer, such a claim could be made in appeal before the appellate authorities. In the present case, the Tribunal has directed the assessing officer to consider the claim of deduction of additional interest payable on deposits during ..... X X X X Extracts X X X X X X X X Extracts X X X X
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