TMI Blog2018 (1) TMI 1560X X X X Extracts X X X X X X X X Extracts X X X X ..... and directed the AO to adopt the value adopted by Stamp Valuation Authority and verified the fact regarding the period of lease. Before us, the assessee has neither filed any documentary evidence nor explained the fact. Thus, we do not find any illegality or infirmity in the order passed by ld. CIT(A). Hence, ground no.1 of the appeal is dismissed. Disallowance of bad-debt - HELD THAT:- No details of debts were provided by the assessee, thus claimed was disallowed. The ld. CIT(A) also observed while confirming the action of the AO, that no details of bad-debt was made available nor any prima facie justification was given. Even before us, the assessee has neither given any explanation nor filed any detailed about the bad-debts. None co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the circumstances of the case and in law, the learned CIT Appeal has erred in upholding the action of the A.O. of disallowing the claim for Bad Debts of ₹ 18,99,714/- inter alia on the ground that no material has been produced to prove that the debt had become bad. 2.2] The disallowance so upheld is in total disregard to the provision of section 36(1)(vii) read with provision of section. 2.3] The appellant prays that the disallowance of ₹ 18,99,714 be deleted. 2. Brief facts of the case are that the assessee is a Private limited company, filed its return of income for relevant AY on 30.03.2007 declaring taxable income of ₹ 24,02,102/-. The assessment was completed on 31.12.2008 under section 143(3) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the submission of ld. DR and perused the orders of authorities below including the submission filed before the ld. CIT(A). Ground No.1 relates to substituting the value of sale consideration by the value adopted by Stamp Valuation Authority. The AO while framing the assessment order noticed that assessee has sold the land and building during the relevant period and claimed business income. The assessee was asked to produce the sale-deed for land shown in fixed asset for the purpose of computing capital gain. The assessee not provided copy of sale-deed for sale of land and factory building at Taloja or any other evidence, the AO made the addition of ₹ 5 Crore in the income of assessee on estimate basis. The ld. CIT(A) after consider ..... X X X X Extracts X X X X X X X X Extracts X X X X
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