2018 (7) TMI 1989

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..... its books by way of a debit to profit and loss account, simultaneously reducing corresponding amount from loans and advances to debtors depicted on assets side in balance sheet at close of year, the assessee - bank was entitled to deduction u/s 36(1)(vii) and for that purpose, it was not necessary for it to close individual account of each of its debtors in its books. We are in complete agreement .....

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..... time of hearing before us, learned representatives fairly agree that the grievance raised by the Assessing Officer in the appeal is covered, in favour of the assessee, by a decision of the co-ordinate bench in assessee s own case for assessment year 2006-07 (ITA No. 335/Ahd/2011; order dated 27.10.2016) wherein the co-ordinate bench has observed as follows:- 6. We find th .....

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..... ritten off by squaring up individual accounts of the debtors, but what is not in dispute that the provision in question has been debited to the profit and loss account, and the amount of provision is reduced from the loans and advances appearing in the balance sheet. With these facts having been verified by us with respect to material on record, we find that the issue is squarely covered in favour .....

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..... ase of Vijaya Bank vs. CIT (supra). The question which is proposed in the present appeal is squarely covered by the decision of the Hon'ble Supreme Court in the case of Vijaya Bank v. CIT (supra). In the case of Vijaya Bank v. CIT (supra), the Hon'ble Supreme Court has observed and held that where assessee bank had written off impugned bad debt in its books by way of a debit to profit and .....

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..... iew so taken by the co-ordinate bench. 4. Respectfully following the decision of co-ordinate bench decision dated 27.10.2016 (supra), in assessee s own case for assessment year 2006-07, we decline to uphold the plea of the Assessing Officer. Accordingly, relief granted by the CIT(A) stands confirmed and approved. 5. In the result, the appeal of the Revenue is dismis .....

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