TMI Blog2021 (4) TMI 671X X X X Extracts X X X X X X X X Extracts X X X X ..... hould be examined only in assessment year 2015-16. Since we have given a specific finding that the above said claim is required to be examined in assessment year 2015-16, the assessee may move appropriate petition before the A.O. for making its claim for bad debts in assessment year 2015-16 before the A.O - We are of the view that it would not be appropriate to adjudicate the question as to whether the amount of ₹ 8.39 crores given to MSL by the assessee is loan or investment, which may be examined by the AO afresh while disposing the petition of the assessee. - ITA No. 1430/Bang/2017 - - - Dated:- 22-3-2021 - B. R. Baskaran, Member (A) And Beena Pillai, Member (J) For the Appellant : T. Srinivasa, A.R. For the Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an given to MSL as irrecoverable. 3. The A.O. noticed that the shares sold by the assessee was purchased by a person named Shri Anil Kumar Mittal, who is the common Director in the assessee company and MSL. Further, the shares have been sold at a premium. The A.O. also noticed that MSL had assets worth ₹ 51 crores in the form of land and buildings are tangible assets as at 31.3.2015. He also noticed that MSL has written off the liability payable to the assessee company as 'not payable', only in the financial year ending 31.3.2015. Under these set of facts, the A.O. took the view that the credentials of writing off of loan were not supported by the facts and circumstances of the case. Accordingly, he held that writing off of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce the assessee could not have written off the amount in AY 2013-14, since the MSL has paid interest to the assessee upto the assessment year 2013-14 and further the production was stopped by MSL only in the subsequent year. It was also pointed out that MSL has written back the loan received by it from the assessee only in the year relevant to the assessment year 2015-16. Both the assessees being part of same group, both could not have taken different stand in respect of the very same transaction. 6. The Ld. A.R submitted that the assessee has provided for known expenditure in the financial year 2012-13 relevant to AY 2013-14, since the bleak prospects of the loan given to MSL came to the knowledge of the assessee before finalization of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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