Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (10) TMI 928 - BOMBAY HIGH COURT

2016 (10) TMI 928 - BOMBAY HIGH COURT - TMI - Accrual of income - inclusion of interest income - Held that:- We find that the order of Assessment records that the suit between the parties is with regard to recovery of property. Therefore, there is no suit in respect of the loan given by the Appellant or interest thereon. There is nothing on record to indicate that the borrower had refused to pay either the interest or return the loan. Therefore, on facts, there has been an accrual of interest an .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

C. Gupte, JJ. Mr. Ravi Rattesar i/b. D. M. Harish & Co., for the Appellant Mrs. S. V. Bharucha, for the Respondent ORDER P. C. These four appeals filed under Section 260A of the Income Tax Act, 1961 (the Act), challenge a common order dated 30th August, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The common impugned order relates to the Assessment Years 2003-04, 2004-05, 2005-06 and 2006-07. A separate appeal has been filed for each of the Assessment Years. 2. The Revenu .....

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 case of CIT vs/s. Shoorji Vallabhdas and Co., [1962]46 ITR 144? . 3. The Appellant-Assessee had advanced loan to certain parties who happened to be family members of the partners. The parties to whom the money was advanced did not pay the interest payable on the loan received by them. Thus, the Appellant did not offer the same as income even though the Appellant-Assessee was following the mercantile system of accounting and had offered interest income during the earlier Assessment Years. 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

(A). 5. Being aggrieved by the order dated 29th September, 2011 of the CIT(A) for each of the concerned Assessment Years, the Appellant-Assessee preferred appeals to the Tribunal. The common order records the fact that there is no dispute between the Appellant-Assessee and the person to whom the loan was given on the issue of the loan and/or interest thereon. The impugned order records the fact that no material/ evidence had been brought to establish that any claim for repayment of interest/ loa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| 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