PRANA PUBLIC RELATIONS P. LTD, MUMBAI V. ACIT (OSD) CIR 2(2), MUMBAI

ITA 1453/MUM/2010

• Counselvise Citation: [2010] 135 COUNSELVISE.COM (IT) 3601 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-12-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2006-2007
• Appeal Filed On: 23-02-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P N DEVADASAN
• Assessee Lawyers: ARVIND DALAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES C : MUMBAI BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI B.RAMAKOTAIAH, ACCOUNTANT MEMBER ITA. NO. 1453/MUM/2010 ASSESSMENT YEAR 2006-2007 PRANA PUBLIC RELATION PVT. LTD. MUMBAI 400 020. PAN AAACI6163M VS. ACIT (OSD) CIRCLE 2 (2) MUMBAI 400 020 (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI ARVIND DALAL (AR) FOR RESPONDENT : SHRI P.N. DEVADASAN (DR) ORDER PER D. MANMOHAN, V.P. 1. DISALLOWANCE OF CLAIM OF BAD DEBT OF RS.85,992/ - IS THE ONLY ISSUE IN DISPUTE BEFORE US. 2. AT THE TIME OF HEARING LEARNED DR FAIRLY ADMITT ED THAT THE ISSUE STANDS COVERED IN FAVOUR OF THE ASSESSEE BY V IRTUE OF THE DECISION OF THE APEX COURT IN THE CASE OF TRF LIMITED 323 IT R 397. LEARNED COUNSEL HAS ALSO SUBMITTED THAT OTHER CONDITIONS BE ING SATISFIED THE ASSESSEE IS ENTITLED TO CLAIM DEDUCTION UNDER SECTI ON 36(I)(VII) OF THE ACT. IN THE LIGHT OF SUBMISSIONS MADE BEFORE US AND BY RESPECTFULLY FOLLOWING THE DECISION OF THE APEX COURT (SUPRA), W E DIRECT THE ASSESSING OFFICER TO ALLOW THE CLAIM OF DEDUCTION O F RS.85,992/-. 3. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWE D. PRONOUNCED IN THE OPEN COURT ON 24-12-2010 SD/- SD/- (B.RAMAKOTAIAH) (D.MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI, DATE 24 TH DECEMBER, 2010 VBP/- 2 COPY TO 1. PRANA PUBLIC RELATIONS PVT. LTD. 2 ND FLOOR, MANEK MAHAL, 90-VEER NARIMAN ROAD, CHURCHGATE, MUMBAI 400 020. 2. ACIT (OSD) CIRCLE 2 (2), AAYAKAR BHAVAN, MUMBAI 400 020. 3. CIT(A)-V, MUMBAI. 4. CIT-II, MUMBAI. 5. DR C BENCH 6. GUARD FILE. (TRUE COPY) BY ORDER ASST. REGISTRAR, ITAT, MUMBAI BENCHES MUMBAI.