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TMI Blog2019 (2) TMI 367X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the authorities below, therefore, in the absence of the same, this ground of the assessee’s appeal is rejected. - ITA No.605/Ind/2017 - - - Dated:- 5-2-2019 - SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER For The Appellant : Shri Pavan Ved, A.R. For The Respondent : Shri V.J. Boricha, D.R. ORDER PER KUL BHARAT, J.M: This appeal by the assessee is directed against order of the CIT(A), Ujjain dated 16.6.2017 pertaining to the assessment year 2014-15. The assessee has raised following grounds of appeal: 1. The CIT(A) erred in confirming disallowance of bad debts of ₹ 1,63,43,622/-. 2. The Ld. CIT(A) erred in not allowing the deduction u/s 80C in respect of PPF ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee in National Spot Exchange Limited (NSEL). Therefore, the amount was written off and claimed as bad debt. Ld. Counsel submitted that both the authorities below have disallowed the claim overlooking the ratio laid down by the Hon'ble Supreme Court in the case of M/s. TRF Limited Vs. CIT (2010) 323 ITR 397 (SC) and also circular No.12 of 2016 issued by the Central Board of Direct Taxes (CBDT). 5. Ld. D.R. opposed the submissions and supported the order of the A.O. In the rejoinder, the Ld. Counsel for the assessee submitted that the recovery proceedings of part of sum is made through the court, which has been duly offered for tax, therefore, it cannot be said that the amount has not become bad. 6. We have heard the rival submissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from Sunday debtors. As stated above, the Assessing Officer has not examined whether, in fact, the bad debt or part thereof is written off in the accounts of the assessee. This exercise has not been undertaken by the Assessing Officer. Hence, the matter is remitted to the Assessing Officer for de novo consideration of the above mentioned aspect only and that too only to the extent of the write-off. 7. There is no dispute with regard to the fact that the assessee has written off the debt and it is also not in dispute that proceedings against the NSEL is pending before the courts. Therefore, following the ratio laid down by the Hon'ble Supreme Court in the case of M/s. TRF Limited Vs. CIT(supra), we direct the A.O. to allow the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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