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TMI Blog2022 (7) TMI 1163X X X X Extracts X X X X X X X X Extracts X X X X ..... debts should have been written off in the accounts of the Assessee. In the present case, CIT(A) has given a finding of fact that the amounts claimed as bad debts had been taken into account in computing the income of the Assessee in the previous year and offered for taxation and the unrecovered amounts had been written off in the books of account and, consequently, the claim of the Assessee was duly allowable. This Court is also in agreement with the contention of learned counsel for the Respondent that as M/s Max New York Life Insurance Company had considered Respondent s invoices as not payable , the amount claimed as bad debts by the Appellant was legal and justified. In any event, in the appeal filed by the Department, it has not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A). 3. Per contra, Mr.Gautam Jain, learned counsel for the Respondent states that the Respondent had business transactions with M/s Max New York Life Insurance Company for the Financial Year 2007-08 and 2008-09. He emphasises that, thereafter, the Assessee company had not entered into any transactions with M/s Max New York Life Insurance Company. In support of his contention, he relies upon the Submissions filed by the Respondent before the CIT(A). 4. Mr.Jain also draws this Court s attention to the Reconciliation of Information/Reply filed under Section 133(6) of the Act by Max and Consultancy Income booked by the Appellant. The same is reproduced hereinbelow:- Particulars Amount (in Rs.) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that the amounts claimed as bad debts had been taken into account in computing the income of the Assessee in the previous year and offered for taxation and the unrecovered amounts had been written off in the books of account and, consequently, the claim of the Assessee was duly allowable. 6. This Court is also in agreement with the contention of learned counsel for the Respondent that as M/s Max New York Life Insurance Company had considered Respondent s invoices to the tune of Rs.4,84,30,109/- as not payable , the amount of Rs.4,07,53,938/- claimed as bad debts by the Appellant was legal and justified. In any event, in the appeal filed by the Department, it has not been averred that the Respondent has received any payment from M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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