2021 (9) TMI 215

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..... r bad and doubtful debts: 2. The ld. CIT(A) passed the order on the same date against the appeal of the assessee for the assessment year 2013-14 which stands adjudicated by the Co-ordinate Bench of ITAT in ITA No. 1740/Del/2017 vide order dated. For the sake of ready reference, the order of the ITAT is reproduced hereunder: "4. The first ground of appeal is against the addition of Rs. 3,55,92,239/-. During the course of assessment proceedings the Assessing Officer noted that assessee has claimed deduction on provision for bad and doubtful debts under Section 36(1)(viia) of the Act being 10% of Incremental Advances of rural branches of Rs. 2,97,86,800/- was claimed and 7.5% of income was claimed for provision for doubtful debt. Therefore, .....

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..... ated the above submissions. He dismissed the claim of the assessee for the similar reasons. This is challenged as per ground No. 1 of appeal. 5. We have carefully considered the reasons given by the Assessing Officer and the learned CIT (Appeals). It is apparent that the Co-Operative Banks are also eligible for the above deduction. The only reason for which the claim of the assessee is disallowed is because assessee has not made any provision in the books of accounts. However, before the learned CIT (Appeals) assessee has submitted a copy of the revised profit and loss account and balance sheet dated 26.12.2016 as on 31.03.2012 prepared after the approval of AGM in support of the above claim. The learned CIT (Appeals) has failed to consid .....

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..... computation of income: 5. The other issue raised by the assessee relates to confirming of the difference between the profit as per the P&L account and the profit declared in the computation of income. It was submitted owing to the adjustments in the branch accounts of 11 banks, the net profit got adjusted against the profit shown in the P&L account. It was submitted that the balance sheet for the assessment year 2013-14 shows the accumulated profit by taking into consideration of the profit of the earlier year. The ld. CIT(A) held that the assessee failed to submit the reconciliation statement whereas the contention of the assessee before the Tribunal was that the assessee has duly submitted the reconciliation statement as per the memorand .....

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