Rule 46A – No contravention, as Arbitral Award not in nature of document/evidence, may be considered in any stage of proceedings

Brief of the Case ITAT Chandigarh held In the case of M/s HMM Coaches Ltd. vs. ACIT that according to the Arbitration and Conciliation Act, the Arbitral Award is like a decree of the Court and is executable by the Courts. It is, therefore, like an order/judgement enforceable at law and as such, could not be construed as document or evidence. It is well settled law that judgement and orders of the Courts are admissible and could be looked into at any stage. Further, there were no requirement after amendment to Section 36(1)(vii) that assessee should establish that debt has become irrecoverable...