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TMI Blog2007 (4) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... Veena Mandlik, counsel for the appellant Revenue. This appeal has been filed under section 260A of the Income-tax Act, 1961 (hereinafter referred to as the Act) against the order dated October 19, 2006, of the Tribunal in I. T. A. No. 739/Ind/2005, 740/Ind/2005, 741/Ind/2005, 742/Ind/2005 and 743/Ind/2005 for the assessment years 1997-98, 1998-99, 1999-2000, 2000-2001 and 2001-2002. The Department ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sp;The Tribunal repelled the contention of the Revenue that on shifting to the cash system of accounting the assessee was not entitled to what he would have got, had he not changed the system of accounting. The relevant observations contained in the order of the Tribunal are extracted here under "2.3. We have heard the contentions of both the parties. These appeals are against the or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same may be treated as bad debt/trading loss to arrive at the correct profit of the assessee. Though the amount is recoverable on the settlement or under an agreement and as such it is allowable in both the circumstances either expenditure or bad debts. The learned Commissioner of Income-tax (Appeals) has rightly observed that the liability of rebate, decompounding and waiver of interest, etc., ..... X X X X Extracts X X X X X X X X Extracts X X X X
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