ABHIMANYU SAHU,BUXIPALLI vs. PCIT-1,, BHUBANESWAR

In the result, appeal filed by the assessee is allowed

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2016-17 Abhimanyu Sahu, Buxipalli, Abhimanyu Sahu, Buxipalli, Vs. Pr. Cit-1, Gopalpur On Sea. Gopalpur On Sea. Bhubaneswar Bhubaneswar Pan/Gir No. Pan/Gir No.Aokps 4011 H (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.N.Dave, Ca P.N.Dave, Ca Revenue By : Shri M.K.Gautam, Pr. Cit (Osd) Pr. Cit (Osd) Date Of Hearing : 24 /0 03/2023 Date Of Pronouncement : 24 /0 /03/2023 O R D E R Per Bench This Is An Appeal Filed By The Assessee This Is An Appeal Filed By The Assessee Against The Order Against The Order Passed U/S 263 Of The Act 263 Of The Act Of The Ld Pr. Cit, Bhubaneswar-1 Dated Dated 10.3.2021 In Appeal No. Itba/Rev/ V/F/Rev5/2020-21/1031385941(1) For The Assessment Year For The Assessment Year 2016-17. 2. Shri P.N.Dave, Ld Ar Appeared For The Assessee & Shri Shri P.N.Dave, Ld Ar Appeared For The Assessee & Shri Shri P.N.Dave, Ld Ar Appeared For The Assessee & Shri M.K.Gautam, Ld Pr. Cit(Osd) Appeared For The Revenue. M.K.Gautam, Ld Pr. Cit(Osd) Appeared For The Revenue. M.K.Gautam, Ld Pr. Cit(Osd) Appeared For The Revenue.

capital in nature. Assessee debited an amount of Rs. 15,83,130/- in its P&L account towards provision for doubtful debts. This being provision for diminution in value of trade receivables in the balance sheet, had to be added to profit for computation of book profit. This has resulted in short assessment of income under