2019 (3) TMI 1903

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..... the amounts against diminution in value of investments and non-performing loans and advances and other contingencies from the respective heads in the asset side of the Balance Sheet of the Petitioner and non-showing of them as provision in the audited accounts, such items and amounts should be treated as write off and not provision and hence not covered by Clause (i) of Explanation I of Section 1 .....

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..... The Court:- Mr. Chatterjee, learned Senior Advocate for the appellant wants the Tribunal to reconsider its impugned decision made on 2nd June, 2017 for the assessment year 2003-04. The ground for his contention is a subsequent judgment of a Division Bench of the Gujarat High Court (Commissioner of Incometax- IV Vs. Vodafone Essar Gujarat Ltd.) reported in 397 ITR 55 (Gujarat) which covers the cas .....

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..... Act ? We are of the opinion that although the decision of the Gujarat High Court came a few days after the order of the Tribunal, the Tribunal while rehearing the appeal should assume as if the said judgment was pronounced earlier rehear the appeal on remand on the issue only considering the said decision and all other relevant judgments on this subject and proceed to determine the same within a .....

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