9911796707
TMI Blog2024 (11) TMI 489X X X X Extracts X X X X X X X X Extracts X X X X ..... the fact that the reversal made for the year under consideration is also part of the provision originally made in AY 2015-16. We are of the view that the claim of the assessee against the reversal of provision is an allowable claim for the reason that the same stands offered to tax in the year in which the provision was created. Accordingly, the claim of the assessee stands allowed. - Shri George George K., Vice President And Ms. Padmavathy S., Accountant Member For the Assessee : Smt. Manasa Ananathan, Advocate For the Revenue : Shri R.N. Siddappaji, CIT-DR ORDER PER: PADMAVATHY S., A.M. This appeal filed by the assessee is against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [CIT(A)] date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Tribunal passed in the Appellant's own case for assessment year 2018-19, wherein the deduction claimed by the Appellant was allowed. 7. That the levy of interest under Sections 234A, 234B and 234C is unsustainable in law and on facts. The Appellant submits that the above grounds are independent of and without prejudice to one another. The Appellant craves leave to add to or alter, by deletion, substitution or otherwise, the above grounds of appeal, at any time before or during the hearing of the appeal. 8. Relief The Appellant prays that this Hon'ble Tribunal be pleased to allow the appeal and set aside the impugned final assessment order to the extent questioned herein, in the interests of justice and equity. 3. The assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition made on the corporate tax issue without verifying the evidences filed by the assessee. The coordinate bench of the Tribunal while considering the appeal filed by the assessee against the final assessment order ((IT(TP)A No. 448/Bang/2022 dated 21.10.2022) remanded the corporate tax issue back to the AO with a direction to consider the claims in accordance with the directions of the DRP. 4. The AO while passing the order giving effect to the directions of the Tribunal gave relief to the assessee towards TP adjustments and the disallowance made u/s. 14A and sustained the disallowance made towards provision for inventory written off and write off of interest on OG debtors. Aggrieved, assessee filed further appeal before the CIT(A). Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to the order passed by the AO u/s. 143(3) r.w.s. 254 of the Act for AY 2018-19 wherein the AO has deleted the addition made towards reversal of provision of obsolete/bad stock. Accordingly, the learned A.R. prayed that for the year under consideration also the relief may be granted to the assessee. 6. The learned D.R., on the other hand, relied on the orders of the lower authorities. 7. We have heard the rival contentions and perused the material on record. The claim of the assessee is that the provision made towards obsolete/bad stock amounting to Rs. 8,78,53,132/- was not claimed as a deduction in the year of write off in the computation of income for AY 2015-16. Therefore, the assessee did not offer the reversal of the said provisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ITAT, Bengaluru has remitted the issue of Disallowance of expenditure of Rs. 1,94,54,100/- under the head any other amount of allowable deduction to the file of AO for fresh consideration with a direction to verify the fact as to whether the amount of provision has already suffered tax and whether the reversal of provision pertains to the amount already suffered tax. (c) Accordingly, an opportunity of being heard was afforded to the assessee by issue of notice u/s 142(1) dated 09/03/2024. In response to this, the assessee has replied on 13/03/2024 (d) On perusal of the submissions, it is noticed that the assessee during the FY relevant to AY 2015-16 had created a provision on account of obsolete/bad stock amounting to Rs. 8,78,53,132/- an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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