eferre d to
before u s. T he claim of write off of stock am ou ntin ... write o ff of too th brush also is therefo re allowed
I n effect th e enti re claim to write off
against export proceeds. Ld.AO called upon
assessee to substantiate its claim of deduction under section 10
B of the Act, with reference to remittance ... blanket permission to the 100% Export Oriented Unit
(EOU) to realise and repatriate full value of export proceeds
within a period of 12 months from
sales there is no sales invoice nor FIRC evidencing receipt of
export proceeds in foreign currency. Hence, this amount should
also be not recognized ... page 692-694) of File 3]
FIRC for realization of the export proceeds obtained 14th February 2013
from the Citibank (Submission at page 689 (relevant
ground that no
cogent reasons have been stated to support the writing off which has been
upheld by the ld. CIT(A). He submitted that ... cited above, the stand taken
by the ld. AO that the writing off is rejected, does not stand the test of law laid
down
this issue are that the assessee claimed deduction on account of write
off of unavailed service tax credit amounting to Rs 46 crores. The assessee ... future business prospects.
6.1. The assessee explained the rationale for write off of CENVAT credit as under:-
• As on 31st March, 2011, the Consumer Business
such
provision in the proceedings for the A.Y.2003-04. In that view of the
matter, the actual write off ... debts or write back of the provision,
to the extent already allowed at the time of write off, should not be
deducted or not taxed
write off
outstanding export dues provided the aggregate value of
such export bills written off does not exceed 10% of
export proceeds due during ... write off outstanding export dues provided aggregate
value of such export bills written off does not exceed 10% of export
proceeds due during the calendar
Appeals), certain case laws were cited for the proposition that the write off of investment could not be treated as a trading loss ... also been written off by way of "investments in shares of companies in liquidation written off". The write off in respect
business under Clause (b) of that sub section by way of writing off such liability in his accounts.
10. The aforesaid explanation had been inserted ... assessee compact, whose books of account were yet to be finalised, write off the said amount of interest in his books for accounting period ending
case of the petitioner had advised the
petitioner to apply for export/write off through the authorized
dealer. Relevant portion of the said communication ... that an exporter has to take as an uniformed
standard for judging the reasonable steps taken by
exporter for realization of export proceeds. The
petitioners
