TMI Blog2017 (2) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... balance written off - Held that:- The assessee submitted that the write-off amount is business loss carried in course of business. Therefore we are of the view that when the tribunal has restored this file to A.O, we respectfully following the same we restore this file as per the decision of in the assessee own case in A.Y.2009-10 wherein the tribunal has held assessee is directed to demonstrate that the impugned creditors have been written back in the subsequent years to the satisfaction of the Assessing Officer and the Assessing Officer is directed to verify the same and if the claim of the assessee is found correct the additions should not be made. - ITA No.4175/Mum/2014 - - - Dated:- 3-2-2017 - Shri. D.T. Garasia, Judicial Member an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no question of any incurring of expenditures of this account. 4. The Assessing Officer has verified the claim and found that assessee has made investments, opening value and closing value are shown at ₹ 11,29,49,590/- and the average value of the investments comes to ₹ 11,29,49,590/-. The assessee has claimed the expenses against the exempt income irrespective of the fact whether the investment is made out of borrowed funds or own sources. The majority part of the expenses is claimed under the head of administrative expenses and other expenses. The Assessing Officer was of the view part of the Administrative expenses also relate to earning of exempt income and cannot be distinguished and appropriate to the exempt income and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal and tribunal in assessee s own case in A.Y.2009-10 has allowed the claim of the assessee and deleted the addition. The Ld.A.R has drawn own attention to the 39th annual report on page 25 of the report and drawn our attention that assessee has made the investment of 820,000 shares in Mukat Pipes Ltd., 570,00 shares in Mukat Tanks Vessels Pvt. Ltd., 1,461,500 shares in Muktanandan Pipes Ltd., and 100,000 share in Mukat Finance Ltd., they are all sister concern of the assessee and these are assessee s old investments and that investments is carried out from earlier years and this is a strategically investment. Therefore there is no question of making any expenses on the shares. Ld.A.R submitted that the share capital of the assessee in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITA No. 87/Del/2008), it has held that no disallowance u/s. 14A can be made in a year in which no exempt income has been earned or received by the assessee. Respectfully following the decision of the Hon ble High Court of Delhi, we direct the Assessing Officer to delete the addition of ₹ 11,73,666/-. Ground No.1 is accordingly allowed. We respectfully following the decision of assessee s own case for A.Y. 2009-10. We allow the claim of the assessee. 9. During the course of hearing ld.A.R was asked to justify the agricultural income which was claimed to be exempted but no evidence was submitted. Moreover assessee do have exempted income. Therefore we disallow ₹ 50,000/- which is an exempted income. 10. In the result ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the file of A.O. Ld.D.R fairly submitted that this issue may be restored to the file of A.O as per the decision of the tribunal. 14. We have heard the rival contentions of both the parties looking to the facts and circumstances of the case we found that the assessee has claimed the sundry balance write-off amounting to ₹ 82,53,393/- in respect of the several parties. The assessee submitted that the write-off amount is business loss carried in course of business. Therefore we are of the view that when the tribunal has restored this file to A.O, we respectfully following the same we restore this file as per the decision of in the assessee own case in A.Y.2009-10 wherein the tribunal has held as under:- We have carefully perus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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