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TMI Blog2013 (5) TMI 663X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed to appellant, rightly answered that the claim for the written off amount in this case is based under Section 37 and not under Section 36, as contended by revenue. Appeal in favour of assessee. - GA No. 692 of 2013, ITAT No. 67 of 2013 - - - Dated:- 10-5-2013 - Girish Chandra Gupta And Tarun Kumar Das,JJ. For the Appellant : Md. Nizumuddin, Advocate For the Respondent : Mr. R. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said advance was written off by way of adjustment to the provision and not by debiting the Profit Loss account ? It appears that the assessee had a trilateral barter arrangement with Fertilizers Corporation of India whereunder a sum of Rs.2,84,28,000/- remained payable by the said Fertilizers Corporation of India to the assessee. The said Fertilizers Corporation of India became sick. Appre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al was preferred by the assessee. The Appellate Tribunal held as follows: The assessee had made a provision in the past for the doubtful advances which was not allowed as a deduction, though it was debited to the Profit Loss Account. Hence, it was correct that, when the amount was actually written off, the provision was debited and the Profit Loss Account was not debited again. Hence, no ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l to the Income Tax Appellate Tribunal, which was dismissed holding as follows: A perusal of the order of the ld. CIT(A) shows that the ld. CIT(A) has taken into consideration the trilateral barter arrangement. The ld. CIT(A) has also taken into consideration that the advance was in fact a trade advance and the sales had also been taken into consideration while computing the income of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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