ASTT. COMMISSIONER OF INCOME TAX, LUCKNOW vs. M/S PRAG INDUSTRIES (INDIA) PVT. LTD., LUCKNOW

In the result, appeal of Revenue and Cross Objection of assessee, both are dismissed

Bench: Shri Kul Bharat, Videshri Anadee Nath Misshra

391 (SC) and order of Hon'ble Delhi High Court in CIT vs. Samara India (P) Ltd. 216 taxman 93, it is well settled that for an assessee to claim deduction in relation to bad debt, it is not necessary to establish that the debt had become irrecoverable and further that it is sufficient if assessee forms such an opinion

ACIT, RANGE-I, LUCKNOW vs. M/S APCO INFRATECH PVT. LTD.,, LUCKNOW

gains by an industry entitled to benefit\nunder Section 80-E cannot be reduced by the loss suffered by any\nother industry or industries owned by the assessee.\n15. In the case before us, there is no discussion about Section 80-\nIA(5) by the Appellate Authority, nor the Tribunal and the High Court.\nHowever, we have considered the submissions

M/S. APCO INFRATECH PVT. LTD.,,LUCKNOW vs. ACIT-I, LUCKNOW

In the result, appeals vide I

gains by an industry entitled to benefit\nunder Section 80-E cannot be reduced by the loss suffered by any\nother industry or industries owned by the assessee.\n\n15. In the case before us, there is no discussion about Section 80-\nIA(5) by the Appellate Authority, nor the Tribunal and the High Court.\nHowever, we have considered

ACIT, RANGE-I, LUCKNOW vs. M/S APCO INFRATECH PVT. LTD., LUCKNOW

391 ITR 218 (P&H)\n[Para 7.6 Page 51]\nAppeal\nfiled\nby\nAssessee\nITA\n17/LKW/2024\ndt.\n12.01.2024\n3\nRectification of glaring\nmistake of Rs.21692680/-.\nDismissed the Ground\n[Para 8.2 Page 51]\nAppeal filed\nby\nAssessee\nITA\ndt.\n17/LKW/2024\n12.01.2024\nNote: AO while\npassing the order u/s\n154 dt. 02.02.2024 has\nrectified mistake. Not\nto be pressed\n\nAPCO