TMI Blog2017 (8) TMI 617X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal, the credits aggregating to ₹ 29.45 lakhs, represents the write back of expenditure debited to the profit and loss account for an earlier year/years claimed as business expenditure, and written back on being found as having been provided for (and claimed) in excess, i.e. to that extent. In other words, these are amounts which were expenditure debited from the profits earned by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 85,47,974/- and subsequently the Assessing Officer found that in computing deductions under Section 80HHC, 90% of Miscellaneous receipts of ₹ 33,45,844/-, Written back of provisions/credits of ₹ 60,646/- and Liabilities written back of ₹ 28,84,535/-, were omitted to be deducted from the business income for the purpose of arriving at the profits of the business. Accordingly, r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in confirming the CIT(A)'s decision in directing the Assessing Officer to recompute the deduction u/s. 80HHC including 90% of the written back provisions and liabilities written back as business income and not as income from other sources. 2. Whether on the facts and in the circumstances of the case the liabilities and provisions written back which have no direct nexus with the busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ritten back provision of ₹ 60,646/- and liabilities written back of ₹ 28,84,535/- do not qualify for deduction. 4. However, on materials we find that, as rightly found by the Tribunal, the credits aggregating to ₹ 29.45 lakhs, represents the write back of expenditure debited to the profit and loss account for an earlier year/years claimed as business expenditure, and written b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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