Tribunal held that while computing long-term capital gains by incorrect method assessee got the benefit of foreign exchange fluctuation as well as cost inflation index, both, which is not in accordance with the IT Act. Accordingly\u00a0 revision is valid. As regards bad debt\u00a0 there is no error in the order of the AO in allowing the claim of the assessee after calling for the explanation.\u00a0 Revisional order is not sustainable. As regards\u00a0 provision for depreciation on investment comprising of securities held as stock-in-trade as well as those held as investment\u00a0 the issue is squarely covered by Expln. 2 to S. 263 to such extent the order of the AO is erroneous and prejudicial to the interest of the Revenue.\u00a0 As regards excess deduction u\/s 36(1)(viia), revision is up held. As regards deduction granted to rural branch, the AO has granted the deduction without examining the details. Revision is justified.\u00a0 As regards bad debt\u00a0 the AO has allowed the deduction without examining the details, hence revision is justified. (AY.\u00a0 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of proper enquiry-Capital loss-Acquisition cost-Revision is up held-Bad debt-Revision is not valid-Depreciation of investment-Revision is valid-Bad debt-Provision for bad and doubtful debt-Revision is valid. [S.28(i) 36(1)(vii) 36(1)(viia), 45, 48, 70 143(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-52754","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dIS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=52754"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52754\/revisions"}],"predecessor-version":[{"id":52755,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52754\/revisions\/52755"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}