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TMI Blog2022 (3) TMI 480X X X X Extracts X X X X X X X X Extracts X X X X ..... self-contained Act and this court under section 260A of the Act in its appellate jurisdiction, is not the proper forum for deciding such mixed questions. Therefore, we remand the matter to the Assessing Officer as done by the Tribunal, however, with a direction to consider all the issues raised by the appellant, without being influenced by any of the observations made by the Tribunal, and pass orders afresh, after providing reasonable opportunity to the appellant. Such an exercise shall be completed within a period of three months from the date of receipt of a copy of this judgment. - T.C.A.No. 61 of 2022 - - - Dated:- 21-2-2022 - Honourable Mr. Justice R. Mahadevan And Honourable Mr. Justice J. Sathya Narayana Prasad For the Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hence, the same is required to be brought to tax . Upon receipt of the same, the appellant filed its objection on 25.07.2016 to the reopening of the assessment. 2.2. However, the Assessing Officer, by order dated 28.11.2016, rejected the said objections. Thereafter, reassessment order dated 29.12.2017 came to be passed under section 143(3) r/w sec.147 of the Act, determining the total income at ₹ 1750,79,83,070/-, including ₹ 209,61,00,000/- towards loan amount repaid by the Government under the Scheme, besides levied penalty under section 271(1)(c). 2.3. Aggrieved by the said reassessment order passed by the assessing officer, the appellant / assessee preferred an appeal before the Commissioner of Income Tax (Appeals), w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce the amount reimbursed by the Government to the extent it pertained to interest was already credited to P L account and offered to tax and in respect of the principal amount, the same was only a repayment of loan which was paid by Government of India instead of farmer and hence the same can never be treated as income of the bank? 4.Whether the Tribunal was right in law in setting aside the assessment to the file of the Assessing Officer to verify whether any of the loans have been allowed as a provision made u/s.36(1)(viia)? 5.Whether the Tribunal erred in not appreciating the fact that the provisions made u/s.36(1)(viia) is an overall provisions and not a provision against any specific loan and will not reduce the outstanding of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Further, the learned counsel, placing reliance on the decision of the Hon'ble Supreme Court in Catholic Syrian Bank Ltd v. CIT [343 ITR 270] , wherein it was held that only agricultural debts written off should be first adjusted against the provisions made and allowed under section 36(1)(viia) , submitted that the Tribunal erred in setting aside the issue of taxing the reimbursement by the Government loan due from agriculturist to the file of the Assessing officer to verify whether any part of the loan was allowed as a provision made under section 36(1)(viia). It is also submitted by the learned counsel that the appellant has already preferred an appeal in TC(A) No.178 of 2020 against the order relied on by the Tribunal in res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee and again assessee has received the same amount under debt waiver and debt relief scheme. According to the AO, there is an escapement of income. Accordingly, the AO has issued a notice u/s. 148 of the Act and completed assessable u/s. 143(3) r/w s.147 of the Act on 29.12.2017. 7.In view of the above, we are of the opinion that the AO has correctly recorded the reasons and reopened the assessment and completed the assessment u/s. 147 of the Act thus, the reopening is valid. Issue No.2: 9.The ld. counsel or the assessee has submitted that the similar issue already came up before the Hon'ble ITAT C Bench, Chennai for assessment years 2008-09, 2009-10 2012- 13 in ITA Nos.1879, 1880 1881/Chny/2017 vide order d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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