9911796707
TMI Blog2018 (3) TMI 737X X X X Extracts X X X X X X X X Extracts X X X X ..... ken by the Income Tax Authorities would disentitle the assessee from claiming deduction under Section 36(1)(viia) of the Act. In view of non-furnishing of the material documents in support of the claim before the Tribunal, it was left with no other option except to confirm the order of the Commissioner of Income Tax (Appeals). We deem it appropriate to remand the matter to the Tribunal setting aside the impugned order with liberty to the assessee to place on record the material documents in support of its case for deduction towards provision for bad debts made for standard assets of ₹ 15,00,000/- relating to the assessment year 2011-12. - Decided in favour of assessee. - I.T.A.NO. 100168/2015 - - - Dated:- 29-1-2018 - MRS. S. SU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent partly allowed the appeal, however, confirmed the disallowance made by the Assessing Officer relating to the provision for bad debts (standard assets). Being aggrieved by the said judgment, the appellant preferred an appeal before the Tribunal. The Tribunal has confirmed the order passed by the Assessing Officer and the Commissioner of Income Ta x (Appeals). Being aggrieved by the same, the assessee is in appeal raising the following substantial question of law: Whether in the facts and circumstances of the case and in law, the authorities were justified in denying deduction for provision of bad debts made for standard assets of ₹ 15,00,000/- during the assessment year 2011-12 under Section 36(1)(viia) of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 15,00,000/- under Section 36(1)(viia) of the Act . In the absence of any material, the Tribunal was justified in dismissing the claim of the assessee. 5. We have heard the learned counsel appearing for the parties and perused the material on record. 6. It is apparent from the material placed before us that the RBI guidelines prescribes the provision on standard assets from the year ended March 31, 2000 directing the banks to make a general provision of a minimum of 0.25% on standard assets. 7. In our opinion, the decision rendered by the Commissioner of Income Tax is unjustifiable for the reason that assessee is bound by the guidelines issued by the Reserve Bank of India. Any contrary view taken by the Income Tax Authoriti ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
