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TMI Blog2019 (1) TMI 412X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1961 in the respective years. However later, scrutiny assessments were carried out under Section 143(3), against which appeals were filed as I.T.A.Nos.258 and 267 of 2009. Hence, leaving the question to be urged in those appeals, I.T.A.Nos.261 and 351 of 2009 are rejected as infructuous. 2. I.T.A.Nos.664 and 258 of 2009 are from assessment orders under Section 143(3) for the assessment years 1995-96 and 1996-97 respectively. The question raised is similar to that raised in the earlier years, as to the provision for bad and doubtful debts being declined deduction. The questions that arose in the said appeals [I.T.A.Nos.361 & 264 of 2009] have been answered in favour of the Revenue and against the assessee. We have found, Section 36(1)(vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an expenditure incurred wholly and exclusively for the purpose of the business of the appellant ? 5. The learned counsel for the assessee brings to our notice a Division Bench judgment of this Court dated 04.02.2008 in I.T.A. No.191/2001, where in similar circumstances in the case of a Bank, the Division Bench had found that compliments given to the shareholders in the Annual General Meeting is to ensure participation of the members in the AGM. This brings in more transparency and ensures democratic decision making. In such circumstances, it was held to be a business expenditure. We follow the aforesaid judgment and answer the question in favour of the assessee and against the Revenue. 6. I.T.A.No.1137/2009 is with respect to the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ie: 2000-2001. The Tribunal also noticed that in the subsequent year the issue was remanded back for consideration to the Assessing Officer. However, in the subject assessment year, the assessee had been holding the portfolios as investments, there is no question of claiming write off of the loss said to have been occasioned. We do not find any reason to interfere with the said findings of the Tribunal. 9. I.T.A.No.1662/2009 relates to the assessment year 1999-2000 and two issues arise from which the following questions of law are framed: A. Whether on the facts and in the circumstances of the case the Tribunal is correct in law and fact in setting aside the Annexure B order dated 28-9-2006 of the Commissioner of Incometax (Appeals) on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry same decision, allowed the Revenue's appeal. As of now, the issue is covered by a judgment of the Hon'ble Supreme Court in Catholic Syrian Bank Ltd. v. Commissioner of Income Tax, [2012] 343 ITR 270, which upheld the decision as cited by all the lower authorities. In such circumstances, no question of law actually arises. The question was raised since the Tribunal stated that the issue has to be allowed, in the Revenue's Appeal. We need only make it clear that the Revenue's appeal on that ground, before the Tribunal would stand rejected, affirming the first appellate authorities order. In the result, I.T.A. Nos.258, 261, 351, 664 & 1137 of 2009 shall stand rejected. I.T.A. No.1662 of 2009 shall stand allowed. I.T.A. No.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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