DCIT, CORPORATE CIRCLE-1(1), BHUBANESWAR vs. M/S. INDUSTRIAL DEVELOPMENT CORPORATION OF ORISSA LTD., BHUBANESWAR

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ITA 379/CTK/2017Status: DisposedITAT Cuttack17 February 2020AY 2009-1018 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found discrepancies in the accounting treatment of the write-off of the advance to the subsidiary. Therefore, the matter was remitted back to the CIT(A) for a fresh decision after considering all submissions and documents.

What were the facts?

The assessee, Industrial Development Corporation of Orissa Ltd., made provisions for unascertained expenditure and wrote off an advance to its subsidiary. The Assessing Officer disallowed these claims, but the CIT(A) deleted the addition related to provisions. The Revenue appealed against this deletion, while the assessee appealed against the confirmation of the write-off disallowance.

What were the issues?

The primary issues were the allowability of provisions for unascertained expenditure and the validity of the write-off of an advance to a subsidiary company.

Which sections of the Income-tax Act were involved?

Section 115JB

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: SHRI C.M. GARG, JM & SHRI L.P. SAHU, AM

Hearing: 29/01/2020Pronounced: 17/02/2020

Heard together (2 matters)

ITA No.379/CTK/2017
ITA No.392/CTK/2017

Read from the judgment's own cause title. This page is filed under one of them.

आदेश की प्रनिलऱपप अग्रेपषि/Copy of the Order forwarded to : अऩीऱाथी / The Appellant- 1.

प्रत्यथी / The Respondent- 2.

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