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2015 (10) TMI 1420 - ITAT MUMBAI

2015 (10) TMI 1420 - ITAT MUMBAI - TMI - Disallowance of bad debt u/s 36(1)(vii) read with section 36(2) - assessee contented that the amount was actually written off in its books of accounts, therefore, in view of the decision in T.R.F. Ltd. vs CIT (2010 (2) TMI 211 - SUPREME COURT) the claim of the assessee has to be allowed - Held that:- If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on .....

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off debt or part thereof as irrecoverable is a substantial compliance. Our view is further supported by the decision in CIT vs Kohli Brothers Color Lab Pvt. Ltd. (2009 (11) TMI 3 - ALLAHABAD HIGH COURT ) and CIT vs Smt. Nilopher I. Singh (2008 (8) TMI 165 - DELHI HIGH COURT ) . In view of the aforementioned judicial pronouncements, the claim of the assessee is allowed - Decided in favour of assessee. - ITA No. 3252/Mum/2012 - Dated:- 18-5-2015 - Joginder Singh, JM And N K Billaiya, AM,JJ. For th .....

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sel pertains to disallowance of ₹ 61,91,965/- claimed as bad debt u/s 36(1)(vii) read with section 36(2) of the Income Tax Act, 1961 (hereinafter the Act), by contending that the amount was actually written off in its books of accounts, therefore, in view of the decision in T.R.F. Ltd. vs CIT 323 ITR 397 (SC) , the claim of the assessee has to be allowed. On the other hand, the ld. DR, Shri Neil Philip, defended the conclusion arrived at in the impugned order by contending that the entire .....

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