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TMI Blog2011 (11) TMI 832X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee : Mr. C.S. Aggarwal, Sr. Advocate with Mr. Prakash Kumar, Advocate ORDER This appeal pertains to the assessment year 2002-03. Reassessment order was framed by the Assessing Officer under Section 143 (3) on 25TH February, 2005. However, thereafter, notice was issued on 7th November, 2006 under Section 148 of the Income-Tax Act, (hereinafter referred to as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se grounds, the Assessing Officer observed that the income had escaped assessment due to failure on the part of the assessee to disclose truly and fully all material facts. Leading to the aforesaid issues, notice under Section 148 of the Act was issued. The reassessment was framed thereafter. The assessee preferred appeal thereagainst before the CIT (A) . The CIT (A) dismissed the appeal of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expenditure. It is also noted that it is the claim of the assessee that the claim of the assessee is nothing but bad debts incurred by the assessee during the course of its normal business operations. Ld. CIT (A) has decided this issue against the assessee on the basis that this loss is related to write off of repossessed assets and is not related to debts as such. We are of the considered opinion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e off of debt is sufficient and the assessee is not required to how that the debts has become bad. We, therefore, decide this issue in favour of the assessee since we are in agreement with the ld counsel of the assessee that the judgment of Hon?ble Allahabad High Court followed by the authorities below is not applicable because of change in law as we have noted that section 36(1) (vii) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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