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2012 (9) TMI 71 - GUJARAT HIGH COURTDisallowance of bad debts - ITAT allowed the claim - Held that:- As decided in T.R.F. LTD. Versus COMMISSIONER OF INCOME-TAX [2010 (2) TMI 211 - SUPREME COURT] that after 1st April, 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable. It is enough if the bad debt is written off as irrecoverable in the accounts of the assessee - as the certificate accepting the VDIS declaration was issued by the Commissioner after consultation with the Central Board of Direct Taxes and, therefore, the contention on behalf of the Revenue that assessee is not entitled to rely on VDIS declaration would not be tenable in law - in favour of assessee. Disallowance of claim of depreciation - sale and a lease back transaction - IATA allowed it - Held that:- As the assessee has submitted the necessary evidence for the purchase and use of the machineries during the year the lease transactions were genuine and that the Department failed to adduce any evidence to prove that the transaction was not genuine or was a sham no disallowance can be warranted - the contention of Revenue that the Tribunal blindly followed the decision in Unimed Technologies Ltd. Versus Deputy Commissioner Of Income-Tax [1999 (4) TMI 104 - ITAT AHMEDABAD-A] in spite of the facts being different, would not be tenable - in favour of assessee.
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