M/S. Pasupati Spinning & Weaving Mills Ltd., New Delhi vs. DCIT, New Delhi
In the result, the appeal filed by the assessee is allowed
ITA 6197/DEL/2014[2010-11]Status: DisposedITAT Delhi31 Aug 2022AY 2010-11
Bench: Shri C.M. Garg & Shri Pradip Kumar Kediaassessment Year: 2010-11 Pasupati Spinning & Weaving Mills Vs. Dcit, Ltd., Circle-14(1), 1501, Nirmal Tower, New Delhi. 26, Barakhamba Road, New Delhi. Pan: Aaacp0164H (Appellant) (Respondent) Assessee By : Shri Vipin Jain, Ca Revenue By : Shri Anil Kumar Sharma, Sr. Dr Date Of Hearing : 24.08.2022 Date Of Pronouncement : 32.08.2022 Order Per C.M. Garg, Jm: This Appeal Filed By The Assessee Is Directed Against The Order Dated 04.08.2014 Of The Cit(A)-Xvii, Delhi, Relating To Assessment Year 2010-11. 2. The Grounds Of Appeal Raised By The Assessee Read As Under:- “1) That The Learned Cit(A) Has Grossly Erred In Upholding The Disallowance Of Rs.2,10,28,688/- Made By The Assessing Officer On Account Of Amounts Written Off Pertaining To The Inter-Corporate Deposits/Advances To Certain Entities Many Years Prior To The Year Under Consideration. 2) That The Learned Cit(A) Ought To Have Appreciated That The Facts Of The Appellant’S Case Were Identical To The Facts Of Poysha Oxygen Pvt. Ltd. & Interest Earned In The Earlier Years Has Been Taxed As Business Income & Following The Ratio Of That Judgement, The Loss On Account Of Writing Off These Debts Should Have Been Allowed As Business Deduction. 3) That The Disallowance Of Rs.2,10,28,688/- Confirmed By The Cit(A) Is Bad In Law. 4) That The Aforesaid Grounds Are Without Prejudice To One Another.”
For Appellant: Shri Vipin Jain, CAFor Respondent: Shri Anil Kumar Sharma, Sr. DR
Section 271(1)(c)Section 36(1)(vii)
