9911796707
TMI Blog2020 (12) TMI 735X X X X Extracts X X X X X X X X Extracts X X X X ..... matter of the appeal pertains to the Assessment year 2005-06. The appeal was admitted by a bench of this Court vide order dated 31.07.2012 on the following substantial questions of law: bad debts a) Whether in the facts and circumstances of the case, the tribunal is justified in law in dismissing Revenue's appeal on disallowance of bad debts written off while such issue in the assessee's own case was remitted to the file of the Assessing Officer by the Hon'ble High Court in the A.Y. 1998-99 with a direction to reconsider the issue in the light of provision of section 145(1)/(2) of the Act? b) Whether in the facts and circumstances of the case, the tribunal is justified in law in dismissing Revenue's appeal on disallowan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as subsequently taken up for scrutiny and notices under Section 143(2) and 142(1) were issued to the assessee. The Assessing Officer by an order dated 24.12.2007 inter alia disallowed the claim of bid loss to the extent of Rs. 7,41,35,744/- on the ground that the aforesaid claim pertains to beyond the relevant Previous Year and assessee is following hybrid system of accounting. It was also held that despite several opportunities being afforded to the assessee, the assessee failed to produce the books of accounts to substantiate the aforesaid loss. 3. The assessee thereupon filed an appeal before the Commissioner of Income Tax (Appeal). The Commissioner of Income Tax (Appeals) relied on the judgment of the tribunal in the case of assessee a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction, our attention has been invited to para 5 of the aforesaid judgment. It is contended that in the instant case, the assessee has not been able to substantiate its claim for bid loss by producing the relevant material. It is further submitted that the assessee has failed to furnish the factual information with regard to the quantification of the amount of bid loss to the extent of Rs. 7,20,32,155/-. Therefore, in the facts situation of the case, the matter deserves to be remitted to the Assessing Officer for decision afresh in accordance with law. 5. On the other hand, learned counsel for the assessee submitted that its claim for allowing expenditure in the year pricing itself and not carrying it for the entire duration of the chits sc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laim of the assessee for bid loss has held as follows: As regard ground No.2, we find that the issue is covered by the decision of the ITAT in the assessee's own case for the Assessment Year 2003-04 and the department has followed its own case for the earlier year only to keep the issue alive on the ground that an appeal has been filed before the Hon'ble High Court of Karnataka. Since, the issue is covered by the decision of the tribunal in the assessee's own case and because an appeal is pending in the higher forum, it will not lose its precendential value. Therefore, we do not find any reason to interfere with the order of the CIT(A). This ground is accordingly rejected. 7. Thus, subsequently the very foundation of the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
