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2007 (5) TMI 647 - DELHI HIGH COURT

2007 (5) TMI 647 - DELHI HIGH COURT - TMI - Dated:- 24-5-2007 - Madan B. Lokur And V. B. Gupta, JJ. JUDGEMENT V. B. Gupta, J. This appeal has been filed by the Revenue under Section 260 A of the Income Tax Act, 1961 (for short as 'Act') against the order dated 5th September, 2005 passed by Income Tax Appellate Tribunal (in short as 'Tribunal') in ITA No.1260/Del/2002 for the assessment year 1994-95. Vide impugned order, the Tribunal allowed deduction of ₹ 3,58,563/- under S .....

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s Profit and Loss A/c on the basis of mercantile system of accounting. However, the Assessee received a sum of ₹ 2,21,964/- only against such provision. The balance of ₹ 3,58,563/- not received by him was considered as irrecoverable and the same stood written off for the year under consideration. The Assessing Officer disallowed the claim as the Assessee gave different explanation and no document was filed in support of the claim. The Commissioner of Income Tax (Appeal) allowed the c .....

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