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TMI Blog2018 (3) TMI 737X X X X Extracts X X X X X X X X Extracts X X X X ..... iraj, Advocate) S. SUJATHA J., JUDGMENT This appeal is filed by the assessee under Section 260-A of the Income Tax Act, 1961 ('the Act' for short), challenging the order dated 13.07.2015 passed by the Income Tax Appellate Tribunal, Panaji ('the Tribunal', for short) in ITA No.436/PNJ/2014 relating to the assessment year 2011-12, whereby the appeal filed by the assessee is partly a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion for standard asset of Rs. 15,00,00 0/- and also under other heads. On challenge being made by the assessee before the Commissioner of Income (Appeals), the 1st 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs- UCB of the Reserve Bank of India, submits that it is mandatory for the banks to make a general provision of a minimum of 0.25% of standard assets from the year ended March 31, 2000, in terms of the norms for provisioning on loss and advances as well as provision of standard assets. In view of the guidelines issue d by the Reserve Bank of India, the appellant has made a provision of a minimum o ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee to place on record the material documents in support of its case for deduction towards provision for bad debts made for standard assets of Rs. 15,00,000/- relating to the assessment year 2011-12. 9. Accordingly, the appeal is allowed. The impugned order is set-aside and the matter is remanded to the Tribunal for fresh consideration. All rights and contentions of the parties are kept open. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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