9911796707
TMI Blog2009 (2) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... dered on the following questions: "(1) Whether, on the facts and in the circumstances of the case and in law, the hon'ble Income-tax Appellate Tribunal was justified in allowing the assessee's claim of non-refund of customs duty paid under section 20 of the Customs Act, 1962, as business loss under section 37(1) without appreciating the fact that the assessee had not submitted any documentary evi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as in the meantime the records of the assessee were lost on account of collapse of the building where the assessee maintained his records. It is the case of the assessee that they made attempts to reconstruct the records. However, as they were not in a position to reconstruct the records, they treated the said amount as bad debt for the assessment year 1996-97. The Assessing Officer disallowed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 948. The assessee therein claimed deduction in the assessment year 1947-48. The learned Bench of this court was pleased to hold that as the assessee wrote of this amount in the year of account, the court was entitled to presume that the amount became irrecoverable when the assessee wrote it off in its books of account and that, therefore, the assessee was entitled to claim the amount. In our opini ..... X X X X Extracts X X X X X X X X Extracts X X X X
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