TMI Blog2022 (4) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... aimed it as write off in respect of deferred sales relating to retention money on the invoices raised by it on various electricity companies. It is not the case of claim of contingent liability debited to the P L account as held by the authorities below. In view of appraisal of correct facts as oozing out from the material on record, we are inclined to delete the disallowance made by the ld. AO and confirmed by the ld. CIT(A). Accordingly, the appeal of assessee is allowed. - ITA No. 285/Kol/2019 - - - Dated:- 24-3-2022 - Shri Rajpal Yadav, Vice President (KZ) And Shri Girish Agrawal, Accountant Member By Appellant : None By Respondent : Shri Divakar Chakraborty, Addl.CIT, Ld.DR ORDER Per Girish Agrawal , Accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee had made its submissions. The ld. CIT(A) considering the same confirmed the impugned addition as made by the ld.AO. 4. Aggrieved by the above order of the ld. CIT(A), now the assessee is in appeal before us. 5. None appeared on behalf of the assessee. However, indexed paper books containing relevant documents have been placed on record by the assessee, by referring to which, we are inclined to take up the matter for its meritorious disposal. 6. We have heard the Ld. Sr. DR, who relied on the orders of the ld. CIT(A) and the ld.AO. We have gone through the paper book details and material placed on record and found that the assessee has contended that the AO has made the said disallowance on the basis of observations ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ements, we find that the AO and the ld. CIT(A) both have proceeded with wrong observations of the tax auditor given in the TAR (Tax Audit Report), which when corroborated with the claim made in the audited financial statement deserves to be deleted. The correct position on the claim made by the assessee is reflected in the audited financial statement forming part of the paper book, wherein it has claimed it as write off in respect of deferred sales relating to retention money on the invoices raised by it on various electricity companies. It is not the case of claim of contingent liability debited to the P L account as held by the authorities below. In view of appraisal of correct facts as oozing out from the material on record, we are inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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