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TMI Blog2016 (4) TMI 648X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee for A.Y. 1999-2000. At the time of hearing learned AR did not press ground No. (D) and hence the same is dismissed as not pressed. 3. First issue urged by the assessee relates to disallowance of claim of bad debts. The Tax authorities held that bad debts written off by the assessee should be set off against the closing balance of "Provisions for bad and doubtful debts" created u/s. 36(1)(viia) of the Act available as at the year end and the excess write off, if any, available shall be allowed as deduction u/s. 36(1)(vii) of the Act. The Learned A.R submitted that bad debts claimed by the assessee should be set off against the opening balance available in the "Provision for bad and doubtful debts" account created u/s. 36(1)(viia) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of Yes Bank Ltd. Vs. Add.CIT (ITA No. 3357/Mum/2013) and submitted that the Tribunal has followed the decision rendered by Hon'ble Bombay High Court in the case of HDFC Bank Ltd. (supra) to decide an identical issue in favour of the assessee. 7. We have heard both the parties and perused the record. We find that in the case of Yes Bank Ltd (supra), the Tribunal has restored an identical issue to the file of the Assessing Officer with the direction to examine the funds position of the assessee and decide the issue in accordance with the decision rendered by Hon'ble Jurisdictional Bombay High Court in the case of HDFC Bank Ltd. (supra). In the instant case also, the claim of the assessee with regard to availability of interest fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The ld D.R submitted that the said direction of the Ld CIT(A) shall not survive, if this issue is decided by the Tribunal in favour of the assessee. We find merit in the said submissions of Ld D.R. Since we have directed the Assessing Officer to allow depreciation on leased assets, this direction of learned CIT(A) shall not survive and accordingly, we set aside the same. 10. We shall now take up the appeal filed by the Revenue for A.Y. 1999-2000. The first issue urged by the revenue relates to the disallowance made u/s. 14A of the Act. It may be noticed that the assessee had also agitated this issue in its appeal and while considering the same, we have restored this matter to the file of the Assessing Officer. Hence we direct the AO to tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leased assets and hence alternative claim put forth by the assessee may not survive. However we provide an opportunity to the assessee to put forth this claim before the Assessing Officer, if it is still found necessary. 13. We shall now take up the appeal filed by the assessee for assessment year 2000-01. In this year also, the assessee did not press the ground no.D relating to charging of interest u/s 234B. Accordingly, the same is dismissed as not pressed. The other three issues urged by the assessee relate to (a) Disallowance of interest expenditure relating to tax free income. (b) Disallowance of bad debts by considering the provisions of sec. 36(1)(viia) of the Act. (c) Diallowance of depreciation on leased assets. Identical i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aside this matter to the file of the AO in AY 1999-2000. Accordingly, we set aside this issue to the file of the AO with similar directions. 15. We shall now take up the appeal filed by the assessee for assessment year 2001-02 and 2002-03. In these years also, the assessee did not press the ground no.B relating to charging of interest u/s 234B. Accordingly, the same is dismissed as not pressed. The only other issue urged by the assessee relates to the disallowance of interest expenditure u/s 14A relating to the tax free income. While dealing with an identical issue in AY 1999-2000, we have set aside this issue to the file of the AO with certain directions. Consistent with the view taken therein, we set aside this issue also to the file of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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