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M/s Pixel Image India Pvt Ltd Versus Income Tax Officer, Ward 8 (2) (4) , Mumbai

2015 (10) TMI 1420 - ITAT MUMBAI

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 cl .....

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tive counsel, if kept in juxtaposition and analyzed, we note that after 01/04/1989, it is not necessary for the assessee to establish that debt, in fact, has become irrecoverable, it is enough, if bad debt is written off as irrecoverable in the accou .....

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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 t .....

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e Respondent : Shri Neil Philip, DR ORDER Per Joginder Singh (Judicial Member) The assessee is aggrieved by the impugned order dated 20/02/2012, of the ld. First Appellate Authority, Mumbai. 2. During hearing of this appeal, the ld. counsel for the a .....

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1,91,965/- 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 .....

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d to parent company of the assessee, consequently, it was merely a arrangement to defraud the Revenue so as to reduce tax liability. 2.2. We have considered the rival submissions and perused the material available on record. The fact, in brief, are t .....

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parent company as the assessee is 100% subsidiary of the debtor and thus, such claim was not a bona-fide commercial decision. On appeal, before the ld. Commissioner of Income Tax (Appeals), the stand of the Assessing Officer was affirmed against whi .....

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e ld. respective counsel, if kept in juxtaposition and analyzed, we note that after 01/04/1989, it is not necessary for the assessee to establish that debt, in fact, has become irrecoverable, it is enough, if bad debt is written off as irrecoverable .....

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