9911796707
TMI Blog2018 (9) TMI 702X X X X Extracts X X X X X X X X Extracts X X X X ..... of documentary evidences regarding its dealing in commodities exchange/shares etc., for which it could have benefited from membership of Delhi stock exchange. Further reason for rejection of its membership by Delhi stock exchange is also not known. It is further observed that assessee has not taken any steps to recover the money from Delhi stock exchange and therefore under such circumstances we do not see necessary fulfilment of section 36(1)(vii) of the Act, in any manner whatsoever. We therefore do not find any reason to interfere with observations of Ld. CIT (A) and the same is upheld. Accordingly ground raised by assessee stands dismissed. - ITA No. 2283/Del/2015 - - - Dated:- 29-8-2018 - Sri R. K. Panda, Accountant Member And Smt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cause notice dated 07/03/13, called upon assessee, as to why provision for doubtful advances should not be added back to total income of assessee. 4. Assessee in response to show cause, submitted that, it is registered NBFC with RBI, it had made payment of ₹ 20 lakhs for membership of OTC (Delhi stock exchange). It was submitted that assessee was not allowed membership of OTC, and amount was not refunded. Assessee thus held it to be doubtful advances in books of account of assessee, which was claimed as business expenditure. 5. Ld.AO dissatisfied with submissions made by assessee, rejected its contentions, and disallowed of ₹ 20 Lacs and added back to income of assessee. 6. Ld.AO also made addition in the hands of asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... blish that assessee was dealing in shares or any commodity. Further Ld. DR submitted that Delhi stock exchange rejected membership application of assessee and did not refund the amount. It was under these circumstances that assessee had written off ₹ 20 Lacs as bad debts. 12. Ld. DR, at this juncture, submitted that had the amount to be actually bad, assessee would have initiated some legal proceedings against Delhi stock exchange for refund of such huge money. He submitted that assessee does not fulfil requirements of law, under section 36 (1) (vii), in order to claim said amount as bad debts. He relied upon observations of Ld.CIT (A) in support of its argument. 13. We have perused submissions advanced by both sides and in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
