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2011 (2) TMI 40 - AT - Income TaxProvision for doubtful debt - The provisions of section 43D lay down the limits upto which interest income of bad and doubtful debts in the case of public companies need not be recognised as income, in a case where Assessee follows mercantile system of accounting - claim of the Assessee in contrary to the provisions of section 43D and cannot therefore the claim of the Assessee based on real income theory and there being no real accrual of income cannot be accepted – Assessee’s appeal dismissed the decision of the Hon’ble Delhi High Court in Vasisth Chay Vyapar Ltd. (2010 -TMI - 202354 - Delhi High Court ) and the Madras High Court in Elgi Finance Ltd. (2007 -TMI - 13558 - MADRAS High Court ) will not be applicable to the facts of the present case. Rather the decision of the Hon’ble Supreme Court in the case of Southern Technologies (2010 -TMI - 35183 - SUPREME COURT OF INDIA) alone will apply.
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