M/s. Lucky Exports, New Delhi Vs. DCIT, New Delhi

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH : D : NEW DELHI

BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER
AND
SHRI KULDIP SINGH, JUDICIAL MEMBER
ITA No.771/Del/2014

Assessment Year: 2008-09

Lucky Exports,
UG-28, Som Dutt Chambers-II,
9, Bhikaji Cama Place,
New Delhi.
PAN: AAAFL1147P
(Appellant) 

Vs 
DCIT,
Circle-24(1),
New Delhi.
(Respondent)

Assessee by : Shri Naveen N.D. Gupta, CA
Revenue by : Shri Saras Kumar, Sr. DR

Date of Hearing : 20.08.2020
Date of Pronouncement : 28.09.2020

ORDER
PER R.K. PANDA, AM:

This appeal filed by the assessee is directed against the order dated 21.11.2013 of the CIT(A)-28, New Delhi relating to assessment year 2008-09.

2. Facts of the case, in brief, are that the assessee is a partnership firm and is engaged in the business as merchant exporter. It filed its return of income on 27th September, 2008 declaring the total income at Rs.2,96,21,168/-. During the course of assessment proceedings, the AO observed from the Profit & Loss Account that  the assessee has claimed a sum of Rs.1,61,35,879/- under the head ‘write off/bad debt.’ He, therefore, asked the assessee to explain and justify the advances /bad debt written off in respect of 22 parties. He asked the assessee to file partywise explanation and justification of bad debt/advances written off and to produce the
copy of account and names of such parties for the last three years. He also asked the assessee to file:

(a) Copy of bank statement when payment of advances written off were made;

(b) Complete name, address, PAN and contact details of the parties including current address, if any; and

(c) Copy of correspondence made in connection with recovery of loan/advances written off.

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