9911796707
TMI Blog2014 (11) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... - the Tribunal rightly proceeded on the footing that the Assessee invoked section 115JB of the Income Tax Act 1961 - it is too late to contend that section 115JB was not the applicable provision - It will not be open for the Assessee to urge contrary to the order of the Court that this section is inapplicable as the bad debts were written of, the amount was treated accordingly in Schedule 'G' to the balance sheet and the debtors' account in the books of the Assessee was credited accordingly - all these are factual matters and ought to have been raised by remaining present before the Court or by pointing out to the Tribunal the relevant materials - The Tribunal did not commit any error in complying with the direction of the Court – thus, sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondingly. This is clear from the factual position and as narrated even in the order of the ITO and the Tribunal passed earlier. Therefore, this Court set aside the earlier order of the Tribunal and directed it to apply section 115JB as amended and noted above, yet on admitted facts that provision was inapplicable. The provision which could have been applied and which has been invoked is section 36(2) of the Income Tax Act 1961. In relation to that, a Division Bench of this Court on 6th March 2013 passed an order in Income Tax Appeal No.2409 of 2011 (copy of which is handed over, taken on record and marked 'X' for identification) in which questions (c) and (d) which are termed as substantial questions of law have been answered in fav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant. None for the Respondent though served. 2. Perused Appeal. 3. The Learned Counsel for the Appellant states that he will file affidavit of service within one week. 4. The question of law framed in this Appeal reads thus :( A) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal was right in holding that the provision of Bad and Doubtful debts cannot be added back while computing 'Book Profits' computed u/s 115JB of the Income Tax Act, contrary to the provisions of clause (i) in Explanation 1 to the section 115JB(2) of the IT Act, inserted retrospectively from the A.Y. 2001-02 ? 5. In view of the amendment to section 115JB of Income Tax Act 1961, by Finance Act 2009 with retro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s letter produced during the course of the hearing and which is dated 20th March 2009. Pertinently, the order passed by the Tribunal which was exparte, is dated 29th April 2009. This letter/certificate from the Assessee emerged for the first time during the course of the proceedings before the Tribunal. The CIT as also the Assessing Officer had before them the certificate of the Chartered Accountant dated 29th November 2004 and the contents thereof are reproduced in the Tribunal's earlier order as also in the order of the Commissioner (see paragraph 3 on page 45 of the paperbook). In view thereof, it is too late to contend that section 115JB was not the applicable provision. It will not be open for the Assessee in the given facts and c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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