- (1.) This order will dispose of Income Tax Appeal Nos. 586 and 761 of 2008 as the learned counsel for the parties agreed that identical question of law arises in both the appeals. The facts have been taken from Income Tax Appeal No. 586 of 2008.
(2.) This appeal under section 260A of the Income-Tax Act, 1961 (for short ''the Act'') has been filed by the revenue against the order dated 29-2-2008, passed by the Income Tax Appellate Tribunal Chandigarh Bench 'B', Chandigarh (in short ''the Tribunal'') in ITA No. 623/Chd./2007, relating to the assessment year 2004-05.
(3.) The appeal was admitted by this Court for determination of the following substantial question of law: Whether on the facts and the circumstances of the case and in law, the Hon'ble IT AT was right in holding that the provision for bad & doubtful debts should not be added back for the purpose of computation under section 115JB ?;