TMI Blog2020 (1) TMI 625X X X X Extracts X X X X X X X X Extracts X X X X ..... subsidiary company became loss making company and the Assessee took a decision to write off the loan and claim the same as bad debts. The said claim has been denied by the Assessing Officer on two counts (i) that the Respondent- Assessee was not in the business of giving loans and, therefore, conditions of section 36(2) were not satisfied and (ii) that the claim of the Assessee of loan becoming ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ision decision of this Court in the case of Commissioner of Income-tax v. Star Chemicals (Bombay) (P) Ltd. ( 2008 (2) TMI 399 - BOMBAY HIGH COURT) and in the decision of the Supreme Court in the case of T.R.F. Ltd. v. Commissioner of Income-tax [ 2010 (2) TMI 211 - SUPREME COURT] , it is laid down that after the amendment of 1 April 1989, it is not necessary for the Assessee to establish that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the nature of arguments in support of question of law No.4(1). 5. The Respondent- Assessee had advanced loans to its subsidiary company. The loan was interest bearing. The Respondent- Assessee claimed that the subsidiary company became loss making company and the Respondent- Assessee took a decision to write off the loan and claim the same as bad debts. The said claim has been denied by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of giving loans. The decision of the Madras High Court in the case of Commissioner of Income Tax v. Y.Ramakrishna Sons Ltd. (2010) 326 ITR 315 (Madras) relied upon by the Tribunal deals with genuineness of the claim of loan being a bad debt. In the decision decision of this Court in the case of Commissioner of Income-tax v. Star Chemicals (Bombay) (P) Ltd. (2008) 220 CTR 319 (Bombay) and ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
