9911796707
TMI Blog2003 (10) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961, by which the judgment of the Income-tax Appellate Tribunal, Delhi Bench, New Delhi, dated November 14, 2002, has been challenged. Heard learned counsel for the parties. The assessee is a company registered under the Indian Companies Act and the relevant assessment year is 1993-94. The assessment order was passed by the assessing authority on March 31, 1995. Against that order a revis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ejudicial to the interests of the Revenue and was erroneous. Another, reason for invoking the jurisdiction under section 263 by the Commissioner of Income-tax was that the Assessing Officer had failed to disallow and add back the amount of Rs. 11,98,000 being provision for bad debts. It appears that before the Tribunal the assessee only urged that the Commissioner of Income-tax erred by observing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee." In our opinion since the Explanation to section 36(1)(vii) was added with effect from April 1, 1989, it obviously applies to the present case in which the assessment year is 1993-94. The assessee had written off bad debts by debiting the profit and loss account but no credit in the debtor's account was correspondingly made. Since this had to be done simultaneously, but was not, in our opi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpressed in the order under appeal and several decisions setting out similar ratio. This declaratory amendment having retrospective operation though coming into force during the pendency of this appeal must be given effect to. The said Explanation clearly declares that the revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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