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TMI Blog2018 (7) TMI 2014X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee s appeal on the ground that no follow up action had been taken up by the assessee bank to recover the outstanding amount. Therefore, it is very much apparent that none of the lower authorities have examined the deduction claimed by the assessee in light of the terms of the aforesaid Circular issued by the Registrar of Cooperative Societies, Haryana. It is our considered opinion that in the interest of justice, the matter should be re-examined by the Assessing Officer. Accordingly, we restore the issue to the file of the AO to be examined afresh after taking into account the provisions of the Circular as well as after duly examining whether the assessee has claimed the waiver of interest in terms of the aforesaid Circular or not. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer asked the assessee to justify the amount claimed as one time scheme interest relief and it was submitted before the Assessing Officer that the bank had not waived off any principal amount but had only waived the amount due towards interest which was in terms of the Circular issued by the Registrar of Cooperative Societies, Haryana bearing Memo No. 3/7/2007/Credit-5/3598-3658 dated 21.03.07. The assessee submitted before the Assessing Officer that this One Time Scheme was floated in order to attract the defaulting members/borrowers to settle their loan accounts by discounting their interest component and that the same was an allowable expenditure. However, the Assessing Officer made an addition of ₹ 1,39,64,857/- by disa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the interest receipts credited by the assessee in its profit and loss account. The Assessing Officer has disallowed the assessee s claim at the threshold itself without examining the details in this regard and also without examining as to whether the provisions of the afire mentioned Circular, as being relied upon by the assessee, were applicable in the assessee s case or not. It is also apparent that the Assessing Officer has also not examined whether the assessee had claimed the deduction of one time interest waiver as per the provisions of the aforesaid circular or not. The Ld. CIT (Appeals), while dismissing the assessee s appeal, has dismissed the assessee s appeal on the ground that no follow up action had been taken up by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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