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Kamleshkumar Natvarlal Mehta Versus The ACIT

2016 (10) TMI 93 - GUJARAT HIGH COURT

Disallowance of bad debt claimed by the assessee - establishment of debt - Held that:- Considering the decision of the Apex Court in the case of T.R.F. Ltd. (2010 (2) TMI 211 - SUPREME COURT ), the question, which is raised in the present appeal is r .....

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relation to bad debts, it is not necessary for the assessee to establish that the debt in fact has become irrecoverable; it is enough if the bad debt is written off as irrecoverable in the accounts of the assessee. - Accordingly, question raised .....

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ponent JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) 1. Being aggrieved and dissatisfied with the impugned order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench B (hereinafter referred to as the Tribunal ) dated 13.07.2007 in ITA .....

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ppellate Tribunal is right in disallowing the bad debt claimed by the assessee? 2. The assessee filed his return of income at ₹ 95,080/- for the assessment year 2003-04. The assessee had written off an amount of ₹ 13,74,991/- as bad debts .....

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r the amount. On appeal, the CIT (Appeals) allowed the appeal and directed to delete the disallowance. 3. On appeal before the Tribunal by the revenue, by impugned order, Tribunal allowed the appeal and reversed the findings of CIT(A). Being aggrieve .....

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itted that the authorities below erred in holding that the debt can be allowed as bad debt only when the debtor is not traceable and has been declared as an insolvent. In this regard, he has relied upon a decision of the Apex Court in the case of T.R .....

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en passed in accordance with law does not call for any interference. 6. In the case of T.R.F. Ltd (supra), this Court held that after 1st April, 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable. .....

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