2012 (9) TMI 591

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..... nanjay Awasthi, learned counsel appearing for the Income-tax Department. Shri P.K. Jain appears for the respondent-assessee. This Income Tax Appeal under Section 260-A of the Income Tax Act, 1961 arises out of judgment and order dated 11.11.2008 passed by the Income Tax Appellate Tribunal, Amritsar Bench (Camp at Meerut) in I.T.A. No. 3902/Del/2007 for assessment year 2003-04. The Income Tax Dep .....

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..... elivery of goods (repaired transformers). The AO disallowed this amount, treated by the assessee as bad debt. The CIT (A) in appeal did not agree with the AO, and observed that the deductions made by the Delhi Vidyut Board were by way of penalty. The CIT (A) was of the view that these deductions were made on account of late delivery. The Tribunal relied on Nanhoomal Jyoti Prasad v. CIT 123 ITR 26 .....

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..... upon Travancore Tea Estates Co. Ltd v. Commissioner of Income Tax (1998) 233 ITR 203. In this short judgment arising from Kerala High Court, which held that the amount due for commodity supplied by the assessee, which was written of was not allowed as bad debt. The assessee preferred an appeal, which was dismissed by the Supreme Court on the ground that the question, 'whether the debt has become .....

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