9911796707
TMI Blog2012 (8) TMI 482X X X X Extracts X X X X X X X X Extracts X X X X ..... favour of assessee for statistical purpose. - I.T.A. No. 700/Mds/2012 - - - Dated:- 28-6-2012 - Shri Abraham P. George, Shri Challa Nagendra Prasad, JJ. Appellant by : Shri R. Sivaraman, Advocate Respondent by : Shri Sanjay Punglia, JCIT ORDER PER Challa Nagendra Prasad, Judicial Member This is an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals) V, Chennai dated 06.02.2012 in CIT(A)-V/ITA No. 227/2010-11 for the assessment year 2005-06. Shri R. Sivaraman, Advocate represented on behalf of the assessee and Shri Sanjay Punglia, JCIT represented on behalf of the Revenue. 2. The only issue in the grounds of appeal is that the Commissioner of Income Tax (Appeals) erred in confir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that if this amount is disallowed in the assessment year 2005-06, it amounts to double assessment. The Commissioner of Income Tax (Appeals) deleted provision for diminution in value of investments of Rs.13,25,000/- out of Rs.19,85,000/- in respect of provision relating to 6.13% Government of India bonds 2008 by following the orders of this Tribunal in assessee s own case for the assessment year 2006-07 and 2007-08. However, in respect of provision of Rs.6,60,000/- relating to Shriram Asset Management Co. Ltd., the Commissioner of Income Tax (Appeals) confirmed the disallowance stating that similar disallowance has been upheld by the ITAT in assessee s own case for the assessment years 2006-07 and 2007-08 in I.T.A. No. 320/Mds/2011. The Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal had not decided this issue in its order in I.T.A. No. 320/Mds/2011. The counsel for the assessee submitted that the matter may be restored to the file of the Assessing Officer to verify whether the assets were held as stock in trade or investments. He further submitted that in any case, the assessee reversed this provision during the assessment year 2007-08, as provision was no longer required and offered to tax during that assessment year. Therefore he submitted that since this amount was already taxed in the assessment year 2007-08, there is no loss to the Revenue and on the other hand, if the same is disallowed during this assessment year also, it amounts to double disallowance. 7. The counsel for the Revenue relied on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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