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2014 (2) TMI 565 - HC - Income TaxAllowability of bad debt claim – Applicability of TRF Limited v. CIT [2010 (2) TMI 211 - SUPREME COURT] – Validity of Review u/s 254(2) of the Act – Held that:- The debts have been written off in the accounts have not been controverted by Revenue – thus, there is no reason to interfere with the Order of the CIT [A] - The Tribunal, in the first round of its judgment, lost sight of the decision of the Supreme Court in case of TRF Limited, which was a binding decision directly on the point – thus, it will surely give rise to rectification of the order - The Tribunal correctly recorded that the Department did not controvert that the debt was written off as bad debts – the order of the CIT(A) upheld – Decided against Revenue.
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