ORDER

Per Shri A.K. Garodia, Accountant Member

This appeal is filed by the assessee and the same is directed against the order of ld. CIT-LTU, Bangalore dated 04.01.2017 for Assessment Year 2012-13 u/s. 263 of IT Act.

2. The grounds raised by the assessee are as under.

“1. The Order of the Learned Commissioner is not justified in law and on facts and in circumstances of the case.

2. As regards jurisdiction of the Learned Commissioner to invoke revisionary proceeding under section 263:

2.1. The Learned Commissioner is not justified in invoking revisionary proceedings under section 263 when the essential conditions for invoking the said section did not exist.

2.2. The Learned Commissioner has erred in holding that the assessment order passed under section 143(3) is erroneous and prejudicial to the interest of the revenue without establishing the same.

3. As regards adding back provisions for bad debts amounting to Rs.50,22,576/- while computing book profits under Section 115JB:

3.1. The Learned Commissioner has erred in regarding the impugned sum as provision when the same was actually written off as held by the Apex Court and the jurisdictional High Court.

3.2. Without prejudice to the above,