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2018 (3) TMI 431

the previous year. Further condition for allowance of the claim u/s 36(1)(vii) is mentioned in Section 36(2) of the I.T.Act. The Hon’ble High Court had restored to the issue for the reason that no inquiry was made by the Tribunal in this regard. Both the parties have agreed that it would suffice, if the matter is restored to the A.O. for examination whether there is actual write off of amount of ₹ 1,16,521 during the relevant assessment year. In view of the submission of both AR and DR, restore the issue to the A.O. - Decided in favour of assessee for statistical purposes. - ITA No. 104/Coch/2010 - Dated:- 8-3-2018 - Shri George George K, Judicial Member Appellant by : Smt. Vandana Menon, Advocate Respondent by : Sri. A. Dhanaraj, Sr. .....

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377; 85,064.02 during the previous year 2003-2004. It was further stated that the principal broker had not given the break-up of the above debits and also the customers on whose behalf these charges had been debited. During the previous year relevant to the assessment year it was submitted that the principal broker had informed the assessee that it is not possible for them to give customer-wise details of the DP charges since the depositories i.e. NSDL / CDSL had not given break-up to the principal broker. It was submitted before the first appellate authority that in the absence of the customer-wise break-up, the assessee could not recover the amount from the customers. Therefore, the amount was written off as an expenditure during the prev .....

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t A.Y. The relevant finding of the Hon ble High Court reads as follow:- 6. The claim of the assessee that the amount has to be treated as a bad debt and has to be allowed as an expenditure in the year in which it was written off has to be appreciated in the light of the provisions contained in Section 36 of the Income Tax Act. Section 36 provides other deductions and in terms of this provision, deductions provided for in the Section shall be allowed in respect of the matters dealt with therein in computing the income referred to in Section 28, and Clause-(vii) of Section 36(1) provides that, subject to the provisions of sub-section (2), the amount of any bad debt or part thereof which is written off as irrecoverable in the accounts of the a .....

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artered Accountant concerned, who is supposed to provide the details of write off, was not available. Alternatively it was submitted that the matter may be restored to the A.O. so that assessee can prove the actual write off of ₹ 1,61,521 during the relevant assessment year, viz., A.Y. 2006-2007. 6. The learned Departmental Representative present did not have any objection with regard to restoring of the case to the A.O. 7. I have heard the rival submissions and perused the relevant material on record. For an amount to be claimed as deduction u/s 36(1)(vii), the same should be written off as irrecoverable in the accounts of the assessee for the previous year. Further condition for allowance of the claim u/s 36(1)(vii) is mentioned in .....

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