TREADSDIRECT LIMITED,COIMBATORE vs. JCIT, COIMBATORE

ITA 2794/CHNY/2014Status: DisposedITAT Chennai30 December 2015AY 2010-201124 pages
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What did the Tribunal hold?

The Tribunal held that the assessee's method of accounting for bad debts was acceptable, but the write-off required more substantiation. However, the Tribunal allowed the Section 54EC exemption, finding that the assessee had complied with the law prevailing at the time of investment.

What were the facts?

The assessee claimed deduction for written-off recoverable amounts and exemption under Section 54EC for investments in capital gain bonds. The Assessing Officer made additions, which were partly confirmed by the CIT(A). Both the assessee and the revenue filed appeals before the ITAT.

What were the issues?

Whether the write-off of recoverable amounts qualifies for bad debt deduction and whether the investment in capital gain bonds within six months across two financial years qualifies for Section 54EC exemption.

Which sections of the Income-tax Act were involved?

Section 36(1)(vii),Section 54EC

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Income Tax Appellate Tribunal, ‘B’ BENCH, CHENNAI

Before: SHRI CHANDRA POOJARI & SHRI G. PAVAN KUMAR

For Appellant: Shri. Philip George, Advocate
For Respondent: Shri. P. Radhakrishnan, IRS, JCIT
Hearing: 29.10.2015Pronounced: 31.12.2015

Heard together (2 matters)

I.T.A.No.2794/Mds/2014
I.T.A.No.2941/Mds/2014

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

PER G. PAVAN KUMAR, JUDICIAL MEMBER:

These are cross appeals filed by assessee and department

against order of Commissioner of Income T

The order continues below.

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