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TMI Blog2008 (12) TMI 674X X X X Extracts X X X X X X X X Extracts X X X X ..... utstanding written off by the appellant as not recoverable is not deductible while computing its income? Whether, on the facts and in the circumstances of the case, the Tribunal ought to have appreciated that the appellant had properly evaluated and assessed the recoverability of the loans while arriving on the amount which in their opinion is not recoverable and hence was not right in holding tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r For the Respondent: Mrs. Pushya Sitaraman JUDGMENT Mrs. Prabha Sridevan J.-The following substantial questions of law are raised in this tax case: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amounts of loans and advances outstanding written off by the appellant as not recoverable is not deductible while computing its income? 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r granted relief only with regard to some of the claims and disallowed most of them. On appeal, the Commissioner of Income-tax (Appeals), partly allowed the appeal. He again accepted some of the claims of the assessee. The Tribunal also confirmed the finding with regard to some of the heads. With regard to the write off raised for fishing trawlers, the Tribunal had remanded to the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rectors should be sufficient to meet the entire outstanding. The Commissioner of Income-tax (Appeals) also held that the landed value must have gone up. We feel that the disallowance of the claim for write off is more on the basis of surmise and not on the basis of evidence available. Therefore, we remand the matter to the Assessing Officer who will examine whether after the assessee had taken po ..... X X X X Extracts X X X X X X X X Extracts X X X X
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