TMI Blog2021 (11) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... e matter as reflected in the assessment order. See Aroni Commercials Ltd. vs. Assistant Commissioner of Income Tax - [ 2014 (2) TMI 659 - BOMBAY HIGH COURT] - Decided in favour of assessee. - INCOME TAX APPEAL NO.1858 OF 2017 - - - Dated:- 26-10-2021 - K. R. SHRIRAM AND AMIT B. BORKAR, JJ. Mr. Akhileshwar Sharma for Appellant. Mr. Vipul B. Joshi a/w. Ms. Dinkle H. Hariya i/b Ms. Namrata S. Kasale for the Respondent. ORAL JUDGMENT: (Per Amit B. Borkar, J.) This appeal under Section 268A of the Income Tax Act, 1961 (the Act) challenges the order dated 10/2/2017 passed by Income Tax Appellate Tribunal (ITAT). The subject matter of the Appeal is the Assessment Year 2007-2008. 2. The Revenue urges the following quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore set off of brought forward business losses and nil income after set off of brought forward business losses. Assessment was completed under Section 143(3) of the Act on 30/11/2009. 4. On 29/3/2012 Assessing Officer issued notice for reopening of assessment by giving following reasons for reopening of assessment. The assessee had claimed deduction of ₹ 30,07, 71,569/- for waiver of loan on account of One Time Settlement (OTS) with banks and NCD holders. The amount was credited to the P L Account as income but claimed as deduction in the statement of computation of income. The assessee had claimed deduction for depreciation on the assets acquired with the said loan, banks claimed the write-off of the loan on OTS as bad deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... brought on record to suggest escapement of income in respect of waiver of loan on One Time Settlement by banks which was claimed by assessee as deduction. ITAT further observed that in the course of original assessment proceedings, Assessing Officer had called for details in respect of waiver of loan on account of One time Settlement with banks and NCD holders and the assessee had filed detailed submission as to why principal amount which was waived by the Bank on One Time Settlement was not taxable. 8. Mr. Sharma, learned counsel appearing for the Revenue submitted that the issue of deduction of waiver of loan by banks as One Time Settlement finds no mention in the original assessment order passed under Section 143 (3) of the Act. Thus no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery raised with regard to a particular issue during regular assessment proceedings it must follow that the Assessing Officer had applied his mind and taken a view in the matter as reflected in the assessment order. (Aroni Commercials Ltd. vs. Assistant Commissioner of Income Tax) (2014) 362 ITR 403 (Bom). 11. The Division Bench of this Court in the case of Marico Ltd. vs. Assistant Commissioner of Income -tax 12(3)(2) (2019) 111 Taxmann.com 253 (Bombay) had occasion to deal with similar submission made by the Revenue. This Court in paragraph 11 held as under: 11. ..... Therefore, it must follow that where queries have been raised during the assessment proceedings and the assessee has responded to the same, then the non-discu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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