GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2015 (5) TMI 80 - BOMBAY HIGH COURT

2015 (5) TMI 80 - BOMBAY HIGH COURT - TMI - Disallowance u/s 36(i)(vii) - assessee has not fulfilled the conditions as per section 36(2)with respect of claim of Bad Debt - ITAT allowing the assessee's claim for Bad Debts - Held that:- There was no occasion for the AO to disallow the write off on the ground that no attempts have been made to recover the same. The assessee acquired a proprietory concern M/s.Sharda International and the assets in the form of advances of the balance sheet of two .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the amended section provided that the amount of bad debt or part thereof which is written off as irrecoverable could be claimed as deduction. Accordingly no fault can be found with the order of the Tribunal. - Decided in favour of assessee. - Income Tax Appeal No. 1319 Of 2013 - Dated:- 17-4-2015 - S. C. Dharmadhikari And A. K. Menon,JJ. For the Appellant : Mr Tejveer Singh For the Respondent : Mr Atul K Jasani ORDER P.C. 1. By the present appeal, the Revenue has proposed the following question .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

essment year 2005-06 had written off certain amounts as bad debts. The assessment was reopened by issuance of notice under section 148. The assessee was provided the reasons for reopening the assessment. According to the Assessing Officer, the assessee having taken over the business of one Sharda International, a proprietory concern had acquired inter alia assets in the form of advances given to one Parasrampuria Credits and Investment Ltd. amounting to ₹ 40,96,520/- and one M. J. Patel am .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

appeal before the Hon'ble Tribunal on 17.10.2011. The Tribunal confirmed the order of the Commissioner and dismissed the appeal. Hence the Appeal. 4. We have heard Mr.Singh, learned counsel for the Revenue and Mr.Jasani, learned counsel for the Assessee. The Tribunal observed that in order to write off the debts it was not necessary that the debt was irrecoverable and relied upon the decision of the Supreme Court in T.R.F Ltd. Vs. Commissioner of Income Tax (2010) 323 ITR 397, in which the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ce provisions of section 36(1)(vii) of the Act both prior and post 1st April, 1989 : "Pre-1st April, 1989: 36. Other deductions (1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28 (i) to (vi) xxxx xxxx xxxx (vii) subject to the provisions of sub-section (2), the amount of any debt, or part thereof, which is established to have become a bad debt in the previous year. Post-1st .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

12-7-2017 UTGST Rate

12-7-2017 UTGST Rate

12-7-2017 IGST Rate

More Notifications


Latest Circulars:

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

13-7-2017 Central Excise

13-7-2017 Customs

7-7-2017 Income Tax

7-7-2017 Goods and Services Tax

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version