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M/s Lakshmi General Finance Company (Merged With Sundaram Finance Ltd.) Versus The Assistant Commissioner of Income Tax

2015 (9) TMI 913 - MADRAS HIGH COURT

Entitlement for deduction of provision made of Non Performing Assets considered irrecoverable - Held that:- Issue covered against the assessee by the judgment of the Supreme Court in SOUTHERN TECHNOLOGIES LIMITED v. JOINT COMMISSIONER OF INCOME TAX (2010 (1) TMI 5 - SUPREME COURT OF INDIA) as held keeping in mind an important role assigned to banks in our market economy, we are of the view that the restriction, if any placed on NBFC by not giving them the benefit of deduction, satisfies the prin .....

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eals) in this regard. But, unfortunately, the appellant herein did not take up the matter before the Tribunal as against the order of the Commissioner of Income Tax (Appeals). Therefore, we cannot allow the appellant to raise this question. There is also one more reason for us not to take up that issue. After all, the Tribunal has remitted the matter back. Therefore, if permissible in law, it is open to the appellant to take advantage of the finding of the Tribunal.

Depreciation claim .....

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ement entered into by such Finance Companies with prospective buyers. The nature of the agreement that the appellant generally enters into with its customers, is not borne out by records. Therefore, the remand order for examining this question, which is essentially, a question of fact, cannot be interfered with. If, after going through the agreements that the appellant has entered into with its customers, the assessing officer considers that the case of the appellant is similar to the decision o .....

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and in the circumstances of the case the Tribunal was right in law in holding that the appellant is not entitled to deduction of the provision made in respect of Non Performing Assets which are considered irrecoverable? (2) Whether the Appellate Tribunal was justified in not appreciating that the provision made in respect of Non Performing assets if no allowable as a bad debt is allowable as a business loss? (3) Whether on the facts and in the circumstances of the case the Tribunal was justifie .....

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unsel appearing for the appellant and Mr.T.Ravikumar, learned Standing Counsel for the respondent. 3. The learned counsel for the appellant conceded that questions of law 1 and 2 are covered against the assessee by the judgment of the Supreme Court in SOUTHERN TECHNOLOGIES LIMITED v. JOINT COMMISSIONER OF INCOME TAX ((2010) 320 ITR 577). Accordingly, questions 1 and 2 are disposed of. 4. Insofar as the fourth question of law is concerned, the Tribunal has merely confirmed the order of the Commis .....

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e appellant to raise this question. There is also one more reason for us not to take up that issue. After all, the Tribunal has remitted the matter back. Therefore, if permissible in law, it is open to the appellant to take advantage of the finding of the Tribunal. 5. Insofar as question No.3 is concerned, the case of the appellant is that it has a non-banking finance Company which is engaged in the purchase and leasing of commercial vehicles. According to the learned counsel for the appellant, .....

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