2020 (4) TMI 373

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..... aforesaid provision. Therefore, the aforesaid substantial question of law is answered in negative and in favour of the assessee. Excess claim of bad debts written off under Section 36(1)(vii) - HELD THAT:- Issue decided in favour of assessee relying on M/S. SYNDICATE BANK [ 2020 (2) TMI 1020 - KARNATAKA HIGH COURT] Depreciation on valuation of investment portfolio - Whether allowable b .....

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..... the addition representing expenditure relating to earning of exempt income ignoring the provisions of section 14A(1) of the Act r.w. Rule 8D? 2. Whether on the facts and in the circumstances of the case, the Tribunal was right in law in deleting the addition representing excess claim of bad debts written off under Section 36(1)(vii) of the Act, exceeding the credit balance of the provision .....

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..... question of law is answered by a Bench of this Court in judgment dated16.01.2020 in ITA No.18/2014. 4. Insofar as the substantial question of law No.1 is concerned, from perusal of the order passed by the Assessing Officer, we find that the Assessing Authority while invoking the provisions of Rule 14(A) (1) read with Rule 8(D) of the Income Tax Act has not disclosed any basis for expenditure i .....

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