CIT Vs. SAMBHAV MEDIA LTD.

JUDGEMENT

(1.) REVENUE is in appeal against the judgment of the Income Tax Appellate Tribunal (the Tribunal for short) dated 2.3.2012 raising following questions for our consideration:

(2.) WHETHER the Appellate Tribunal is right in confirming the decision of Commissioner (Appeals) in deleting the disallowance of bad debts amounting to Rs. 54,59,000? Whether the Appellate Tribunal is right in confirming the decision of Commissioner (Appeals) in deleting the disallowance of Rs. 3,61,22,730 made on account of loss on wind mills and change in the method of valuation of stock?

(3.) WITH respect to question No. 2, we notice that the assessee had claimed a sum of Rs. 54.59 lacs by way of bad debts. The assessing officer disallowed such claim. Commissioner (Appeals) as well as the Tribunal reversed the view of the assessing officer. The Tribunal in particular, made following observations: