Badridas Daga v. CIT

34 ITR 10Supreme Court of India1958#527 most cited

What is Badridas Daga v. CIT authority for?

A loss incurred by a businessman, such as money lost or advances written off, if it arises in the ordinary course of business, is a deductible trading loss. Such a loss is allowable as it is inherent or incidental to the business operations.

181

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2012 to 2026.

Also referred to as

Badridas Daga v. CIT · 34 ITR 10 · business loss · deductible loss · trading loss · advances written off · money lost in ordinary course · Section 28 · Section 37(1) · allowable business expenditure

Sections most often in play

Section 143(3)Section 28Section 115JBSection 37(1)Section 234BSection 250Section 37Section 14A
Read the full judgment

Issues it is cited on

section 10(1)section 90aunexplained jewellerysection 24(b)section 36(2)under-reporting of incomewithholding taxsection 80cforeign tax creditcommercial expediencyroyalty incomedisallowance of interest expenditure

Judgments citing Badridas Daga v. CIT

Mafatlal Industries Ltd, Mumbai vs. ITO 6(3)(2), Mumbai

In the result, appeal filed by the assessee is partly allowed, for statistical purpose

ITA 5288/MUM/2011[2002-03]Status: DisposedITAT Mumbai17 Oct 2018AY 2002-03

Bench: Shri Pawan Singh() & Shri G Manjunatha ()

Section 14A

…re, there is no reason for the AO to disallow such loss by holding that the said loss was not incurred wholly and exclusively for the purpose of business. In this regard, he relied upon the decision of Hon’ble Supreme Court in the case of Badridas Daga vs CIT 34 ITR 10 (SC) and CIT vs Nainital Bank Ltd 54 ITR 109(SC). 20. On the other hand, the Ld.DR strongly supported the order of the Ld.CIT(A). 15 ITA 5288/Mum/20111 21. We have heard both the parties, perused material available on record and gone through the orders of authorities below. The assessee has claimed loss incurred by two subsidiary companies M/s Mi…

The Pr. Commissioner of Income Tax (4) vs. M/S Chamundi Winery and Distillery

ITA/172/2017HC Karnataka25 Sept 2018

Bench: S.SUJATHA,VINEET KOTHARI

Section 260

…d matters The Pr. Commissioner of Income Tax & Ors. Vs. M/s. Chamundi Winery and Distillery 99/137 Sl.No CASE LAWS ON BUSINESS LOSS/TRADING LOSS Page No 41 Badridas Daga Vs. CIT 34 ITR 10 (SC) 257-262 42 CIT Vs. Mysore Sugar Co Ltd 46 ITR 651 (SC) 263-266 43 CIT Vs. Y V Sreenivasa Murthy 63 ITR 306 (Kar) 267-269 44 Harshad J Choksi Vs. CIT 349 ITR 250 (Bom) 270-272 46 Ramchandar Shivnarayan Vs. CIT 111 ITR 263 (SC) 278-283 51. A brief discussion of some of the case laws selected from the above List is given belo…

Pr. Commissioner of Income Tax vs. M/S Chamundi Winery and Distillery

ITA/467/2015HC Karnataka25 Sept 2018

Bench: S.SUJATHA,VINEET KOTHARI

Section 260

…d matters The Pr. Commissioner of Income Tax & Ors. Vs. M/s. Chamundi Winery and Distillery 99/137 Sl.No CASE LAWS ON BUSINESS LOSS/TRADING LOSS Page No 41 Badridas Daga Vs. CIT 34 ITR 10 (SC) 257-262 42 CIT Vs. Mysore Sugar Co Ltd 46 ITR 651 (SC) 263-266 43 CIT Vs. Y V Sreenivasa Murthy 63 ITR 306 (Kar) 267-269 44 Harshad J Choksi Vs. CIT 349 ITR 250 (Bom) 270-272 46 Ramchandar Shivnarayan Vs. CIT 111 ITR 263 (SC) 278-283 51. A brief discussion of some of the case laws selected from the above List is given belo…

DCIT, Circle-6(1), Kolkata vs. M/S National Engineering Industries Ltd., Kolkata

In the result, appeal filed by the Revenue(in ITA No

ITA 987/KOL/2017[2012-13]Status: DisposedITAT Kolkata12 Sept 2018AY 2012-13

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.986 & 987/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13) D.C.I.T, Circle-6(1), Vs. M/S. National Engineering

For Appellant: Shri Kapil Mondal, JCIT(Sr. DR)For Respondent: Shri Asim Choudhury, Advocate
Section 143(3)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “B”, BENCH KOLKATA BEFORE SHRI S. S. GODARA, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA Nos.986 & 987/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13) D.C.I.T, Circle-6(1), Vs. M/s. National Engineering Aayakar Bhawan, P-7, Chowringhee 9/1, R.N. Mukherjee Road, Kolkata – Square, Kolkata – 700 069. 700 001. "थायीलेखासं./जीआइआरसं./PAN/GIR No. :AAACN 9969 L (Appellant) .. (Respondent) Appellant by :Shri Kapil Mondal, JCIT(Sr. DR) Respondent by :Shri Asim Choudhury, Advocate सुनवाईक"तार"ख/ Date of Hearing : 07/09/2018 घोषणाक"तार"ख/Date of Pronouncement : 12/09/2018 आदेश /…

DCIT, Circle-6(1), Kolkata vs. M/S National Engineering Industries Ltd., Kolkata

In the result, appeal filed by the Revenue(in ITA No

ITA 986/KOL/2017[2011-12]Status: DisposedITAT Kolkata12 Sept 2018AY 2011-12

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.986 & 987/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13) D.C.I.T, Circle-6(1), Vs. M/S. National Engineering

For Appellant: Shri Kapil Mondal, JCIT(Sr. DR)For Respondent: Shri Asim Choudhury, Advocate
Section 143(3)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “B”, BENCH KOLKATA BEFORE SHRI S. S. GODARA, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA Nos.986 & 987/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13) D.C.I.T, Circle-6(1), Vs. M/s. National Engineering Aayakar Bhawan, P-7, Chowringhee 9/1, R.N. Mukherjee Road, Kolkata – Square, Kolkata – 700 069. 700 001. "थायीलेखासं./जीआइआरसं./PAN/GIR No. :AAACN 9969 L (Appellant) .. (Respondent) Appellant by :Shri Kapil Mondal, JCIT(Sr. DR) Respondent by :Shri Asim Choudhury, Advocate सुनवाईक"तार"ख/ Date of Hearing : 07/09/2018 घोषणाक"तार"ख/Date of Pronouncement : 12/09/2018 आदेश /…

Prl Comm of Income Tax-2, Hyderabad vs. M/S Nuzividu Swathi Coastal Consortium, Hyderabad

ITTA/147/2016HC Telangana24 Aug 2018

Bench: M.GANGA RAO,RAMESH RANGANATHAN

Exterior-Interior Private Limited, Kolkata vs. ITO, Ward-12(1), Kolkata

Appeal is dismissed

ITA 2224/KOL/2016[2011-12]Status: DisposedITAT Kolkata11 May 2018AY 2011-12

Bench: Hon’Ble Shri S.S. Godara, Jm & Dr.Arjun Lal Saini, Am ] Assessment Year : 2011-12

For Appellant: Shri T.P.Kar, ARFor Respondent: Shri S.Dasgupta, Addl. CIT, Sr.DR
Section 142(1)Section 143(2)Section 144Section 2

…n to interfere with any of the findings of AO and the action of AO is hereby confirmed. This ground is dismissed.” 5. Learned counsel representing assessee quotes case law in CIT vs Smt Pukhraj Wati Bubber 296 ITR 290 (Punjab & Haryana), Badridas Daga vs CIT 34 ITR 10 (SC), CIT vs Nainital Bank Ltd 55 ITR 707 (SC), Ramchandra Shivnarayan vs CIT 111 ITR 263 (AP) to plead that any loss caused by way of dacoity, embezzlement is a trading loss allowable u/s 37 of the Act in the event of a direct nexus between theft vis-avis the relevant business operations. Learned counsel therefore contends that the assessee is ver…

DCIT, Corporate Circle-1(2), Bhubaneswar vs. M/S. National Aluminium Company Limited, Bhubaneswar

In the result, appeal of the assessee i

ITA 339/CTK/2016[2010-11]Status: DisposedITAT Cuttack27 Apr 2018AY 2010-11

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अऩीऱ सं./Ita No.339 & 340/Ctk/2016 Dcit, Corporate Circle1(2)/ Vs. National Aluminium Company Acit, Circle-2(2), Limited, Bhubaneswar Nalco Bhavan, P/1, Nayapalli, Bhubaneswar स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No. : Aaacn 7449 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. & आयकर अऩीऱ सं./Ita No.352 & 353/Ctk/2016 & Ita No.374/Ctk/2014 (नििाारण वषा / Assessment Year :2010-11, 2012-13 & 2011-12) National Aluminium Company Vs. Jcit Range-2/ Limited, Acit, Corporate Circle-1(2) Nalco Bhavan, P/1, Nayapalli, Bhubaneswar Bhubaneswar स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No. : Aaacn 7449 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. & Cross Objection No.01/Ctk/2015 & 25/Ctk/2016 (Arising Out Of Ita Nos.376/Ctk/14 & Ita No.340/Ctk/2016) (नििाारण वषा / Assessment Year :2011-2012 & 2012-2013) National Aluminium Company Vs. Acit, Circle-2(2)/ Limited, Dcit, Corporate Circle- Nalco Bhavan, P/1, Nayapalli, 1(2), Bhubaneswar Bhubaneswar स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No. : Aaacn 7449 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri Ved Jain/B.K.Mahapatra, ARsFor Respondent: Shri Saad Kidwai, CIT DR
Section 14A

…cannot be allowed as a bad debt, as the same has not been included as income in the earlier years, but it has to be allowed as a business loss or business expenditure.  Issue is covered by the judgment of the Supreme Court in the case of Badridas Daga Vs CIT 34 ITR 10(SC) Reliance in this regard is placed on the judgment of Hon‘ble ITAT Delhi in the case of ACIT v. Claridges Hotels Pvt. Ltd. in ITA Nos. 5848, 5849/Del/2014 dated 10.11.2017 – Relevant findings being in Para 12. 25. Contra, ld. DR relied on the order of lower authorities. 26. We have heard rival submissions and perused the material on record. Prim…

M/S Flipkart India Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-3(1)(1), Bangalore

In the result, appeal by the Assessee is allowed and the appeal by the Revenue is dismissed

ITA 202/BANG/2018[2015-16]Status: DisposedITAT Bangalore25 Apr 2018AY 2015-16

Bench: Shri N.V Vasudevan & Shri Jason P Boaz

For Respondent: Shri C.H. Sundar Rao, CIT
Section 131

…& 693/B/18 18 springs directly from the carrying on of the business and is incidental to it. If this is established the deduction must be allowed provided that there is no provision against it, express or implied, in the Act (See Badridas Daga vs. CIT (1958) 34 ITR 10). In that case loss sustained by the business by reason of embezzlement by an employee was held to be an admissible deduction under s. 10(1) although it did not fall within s. 10(2)(xi) of the Act of 1922. Indeed profits cannot be computed without deducting the loss and permissible expenses incurred for the purpose of the business.” 28. His submis…

Suri Engineers Private Limited., Hyderabad vs. Income Tax Officer, Ward-3(4)., Hyderabad

In the result, the assessee appeal is allowed

ITA 1387/HYD/2017[2014-15]Status: DisposedITAT Hyderabad24 Jan 2018AY 2014-15

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2014-15 M/S Suri Engineers Pvt. Vs. The Ito, Ward-3(4), Ltd., Hyderabad. Hyderabad. Pan- Aaccs8544A (Appellant) (Respondent) Assessee By : Shri V. Jagadisan Revenue By : Smt. Suman Malik

For Appellant: Shri V. JagadisanFor Respondent: Smt. Suman Malik
Section 143(3)

…1(1) of the IT Act. Therefore, according to him, no prejudice was caused to the revenue and in fact it has be allowed during the relevant assessment year. In support of his contentions, he placed reliance upon the following case law: a. Badridas Daga Vs. CIT 34 ITR 10 (SC). b. Ramchander Shivnarayan 111 ITR 263 (SC). 7 M/s Suri Engineers Pvt. Ltd., Hyderabad. c. Dr. T.A Quershi Vs CIT 287 ITR 547. d. CIT Vs Nainital Bank Ltd., 55 ITR 707 (SC). e. Chenab Forest Co. Vs CIT 96 ITR 568 (J &K). f. CIT Vs Inden Biselers 181 ITR 69 (Madras). g. Idea Cellular Ltd., Vs ACIT 65 SOT 15. 6. The Ld. DR, on the other hand, s…

ITO, WD-43(1), Kolkata vs. M/S Tirupati Commercial, Kolkata

In the result, the appeal of the revenue is partly allowed for statistical purposes

ITA 1329/KOL/2015[2011-2012]Status: DisposedITAT Kolkata08 Nov 2017AY 2011-2012

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 1329/Kol/2015 Assessment Year : 2011-12 Ito, Ward-43(1), Kolkata -Vs- M/S Tirupati Commercial [Pan: Aadft 4683 K] (Appellant) (Respondent)

For Appellant: Shri Saurabh Kumar, Addl. CIT (DR)For Respondent: Shri Subash Agarwal, Advocate
Section 133ASection 144Section 145(3)

…he assessee had duly filed first information report with the jurisdictional police station which itself would prove the embezzlement of cash. He also placed reliance on the decision of the Hon’ble Supreme Court in the case of Badridas Daga vs. CIT reported in 34 ITR 10 (SC) wherein it was held that the loss on account of embezzlement of cash by employee is an allowable expenditure. With regard to the disallowance of truck insurance charges of Rs. 8,570/-, the assessee submitted the insurance premium receipt for the first time 12 13 M/s Tirupati Commercial A.Yr.2011-12 before the Ld. CIT(A). Accordingly, the Ld.…

ACIT, New Delhi vs. Sh. Ashok Mittal, New Delhi

In the result, the appeals filed by the assessee are partly allowed, the

ITA 3743/DEL/2013[2001-02]Status: DisposedITAT Delhi30 Oct 2017AY 2001-02

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2001-02 Shri Ashok Mittal, Ito, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. Pan : Aaspm6882C (Appellant) (Respondent) Assessment Year : 2001-02 Acit, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. Pan : Aaspm6882C (Appellant) (Respondent)

For Appellant: Shri Gautam Jain, AdvFor Respondent: Shri R. C. Dande, Sr.DR
Section 143(3)

…8-09 and the assessee has offered the same to tax. Therefore, in view of the decision of the Hon’ble Supreme Court in the case of T.R.F. Ltd. vs. CIT reported in 323 ITR 397 and the decision of the Apex Court in the case of Badridas Daga vs. CIT reported in 134 ITR 10, we find no infirmity in the order of the ld. CIT(A) deleting the amount written off in the case of Shri Manish C. Zaveri, M/s A.J. packing and M/s Siddharth Polymer. Accordingly, the same is upheld. 63. So far as the amount relating to Mr. Nagin T. Sanghavi is concerned, we find the ld. CIT(A) while deleting the same has given the following r…

Sh. Ashok Mittal, New Delhi vs. Addl. CIT, New Delhi

In the result, the appeals filed by the assessee are partly allowed, the

ITA 3307/DEL/2013[2001-02]Status: DisposedITAT Delhi30 Oct 2017AY 2001-02

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2001-02 Shri Ashok Mittal, Ito, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. Pan : Aaspm6882C (Appellant) (Respondent) Assessment Year : 2001-02 Acit, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. Pan : Aaspm6882C (Appellant) (Respondent)

For Appellant: Shri Gautam Jain, AdvFor Respondent: Shri R. C. Dande, Sr.DR
Section 143(3)

…8-09 and the assessee has offered the same to tax. Therefore, in view of the decision of the Hon’ble Supreme Court in the case of T.R.F. Ltd. vs. CIT reported in 323 ITR 397 and the decision of the Apex Court in the case of Badridas Daga vs. CIT reported in 134 ITR 10, we find no infirmity in the order of the ld. CIT(A) deleting the amount written off in the case of Shri Manish C. Zaveri, M/s A.J. packing and M/s Siddharth Polymer. Accordingly, the same is upheld. 63. So far as the amount relating to Mr. Nagin T. Sanghavi is concerned, we find the ld. CIT(A) while deleting the same has given the following r…

ACIT, New Delhi vs. M/S. Ashok Mittal, New Delhi

In the result, the appeals filed by the assessee are partly allowed, the

ITA 2997/DEL/2009[2001-02]Status: DisposedITAT Delhi30 Oct 2017AY 2001-02

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2001-02 Shri Ashok Mittal, Ito, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. Pan : Aaspm6882C (Appellant) (Respondent) Assessment Year : 2001-02 Acit, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. Pan : Aaspm6882C (Appellant) (Respondent)

For Appellant: Shri Gautam Jain, AdvFor Respondent: Shri R. C. Dande, Sr.DR
Section 143(3)

…8-09 and the assessee has offered the same to tax. Therefore, in view of the decision of the Hon’ble Supreme Court in the case of T.R.F. Ltd. vs. CIT reported in 323 ITR 397 and the decision of the Apex Court in the case of Badridas Daga vs. CIT reported in 134 ITR 10, we find no infirmity in the order of the ld. CIT(A) deleting the amount written off in the case of Shri Manish C. Zaveri, M/s A.J. packing and M/s Siddharth Polymer. Accordingly, the same is upheld. 63. So far as the amount relating to Mr. Nagin T. Sanghavi is concerned, we find the ld. CIT(A) while deleting the same has given the following r…

Ashok Mittal vs. ITO, Ward-24(3)

In the result, the appeals filed by the assessee are partly allowed, the

ITA 3764/DEL/2004[2001-2002]Status: DisposedITAT Delhi30 Oct 2017AY 2001-2002

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2001-02 Shri Ashok Mittal, Ito, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. Pan : Aaspm6882C (Appellant) (Respondent) Assessment Year : 2001-02 Acit, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. Pan : Aaspm6882C (Appellant) (Respondent)

For Appellant: Shri Gautam Jain, AdvFor Respondent: Shri R. C. Dande, Sr.DR
Section 143(3)

…8-09 and the assessee has offered the same to tax. Therefore, in view of the decision of the Hon’ble Supreme Court in the case of T.R.F. Ltd. vs. CIT reported in 323 ITR 397 and the decision of the Apex Court in the case of Badridas Daga vs. CIT reported in 134 ITR 10, we find no infirmity in the order of the ld. CIT(A) deleting the amount written off in the case of Shri Manish C. Zaveri, M/s A.J. packing and M/s Siddharth Polymer. Accordingly, the same is upheld. 63. So far as the amount relating to Mr. Nagin T. Sanghavi is concerned, we find the ld. CIT(A) while deleting the same has given the following r…

Wallace Sports and Research Foundation, Chennai vs. ACIT, Chennai

In the result, appeal of the assessee is partly allowed for statistical purpose

ITA 1304/CHNY/2016[2012-2013]Status: DisposedITAT Chennai16 Oct 2017AY 2012-2013

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

For Appellant: Shri Asish Tripathi, JCITFor Respondent: 29.08.2017
Section 143(1)Section 143(3)Section 250(6)Section 36(1)(vii)Section 40

…आयकर अपील"य अ"धकरण, ‘सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘C’ BENCH, CHENNAI "ी ए. मोहन अलंकामणी, लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी, "या"यक सद"य के सम" BEFORE SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER आयकरअपीलसं./I.T.A.Nos. 1304/Mds/2016 ("नधा"रणवष" / Assessment Year: 2012-13) Vs The ACIT, M/s. Wallace Sports and Research Foundation, Non-Corporate Circle-3, 713, Mount Road, Chennai -34. Chennai – 600 006. PAN: AAAFW0805F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri T. Banusekar, CA अपीलाथ"क"ओरसे/ Appellant by : Shri Asish Tripathi, JCIT ""यथ"क"ओ…

DCIT 10(1)(1), Mumbai vs. Haldyn Glass Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 2043/MUM/2015[2010-11]Status: DisposedITAT Mumbai11 Oct 2017AY 2010-11

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Piyush ChaturvediFor Respondent: Shri Ram Tiwari
Section 143(3)Section 28Section 37(1)Section 41(1)

…. 9 lakhs from out of the amount embezzled by him was legitimately written off by the company at the close of the accounting year corresponding to the asst. yr. 1958-59. The Hon'ble Court after placing reliance on the decisions of Badridas Daga vs. CIT (1958) 34 ITR 10 (SC) and Lord's Dairy Farm Ltd. vs. CIT (1955) 27 ITR 700 (Bom) held that the embezzlement committed cannot be likened to a partner over drawing his account. with the firm. Had the withdrawals been made. during the course and for the purpose of business of the company, there would be no embezzlement and, therefore, while considering the admissibili…

ITO 14(1)(1), Mumbai vs. Baanganga Jewellers, Mumbai

In the result, the Revenue’s appeal is dismissed

ITA 1904/MUM/2014[2010-11]Status: DisposedITAT Mumbai12 Sept 2017AY 2010-11

Bench: Shri P K Bansal & Shri Pawan Singhassessment Year : 2010-11 Ito 14(1)(1) Baanganga Jewellers, Mumbai 130/132 Chanfra Mahal, Vs. 8 Sheikh Memon Street, Zaveri Bazar, Mumbai 400 002

For Appellant: Shri Suman KumarFor Respondent: None
Section 143(1)Section 143(3)

…om the bank and theft of the amount from the cash box of the businessman from his sales counter or business premises. What is material is whether the loss was caused to the assessee in the course of his business activity. In the case of Badridas Daga vs. CIT 34 ITR 10 (SC), the Hon’ble Apex Court took a view that loss resulting from embezzlement by an employee or agent in a business is admissible as a deduction under section 10(1) of the Indian Income-tax Act, if it arises during the course of carrying on of the business and is incidental to it. This is a case where theft has taken place in respect of the tra…

The Pr. Commissioner of Income Tax-4 vs. Industrial Finance Corporation of India Ltd

ITA/170/2017HC Delhi15 Mar 2017

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE NAJMI WAZIRI

Section 10(2)Section 28

…4 committee meetings that such losses have been determined and accepted in the current year. The reliance placed by the appellant on circular dated 24.11.1965 issued by CBDT on the basis of law laid by Hon'ble Supreme Court in case of Badridas Daga Vs. CIT 34 ITR 10 and associated Banking Corporation of India Ltd. Vs. CIT 56 ITR 1 wherein case of embezzlement it is stated that the loss should be allowed as deduction in the year in which it is discovered. Therefore, in the year in which the loss is discovered and determined by the assessee same should be allowable in that year. According to the various notes, t…

Mc Nally Sayaji Engineering Limited, North 24 Parganas vs. D.C.I.T Cir - 1, Kolkata

In the result, the appeals of the assessee in ITA No

ITA 927/KOL/2013[2009-10]Status: DisposedITAT Kolkata10 Mar 2017AY 2009-10

Bench: Shri M. Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm]

For Appellant: Smt. Shreya Loyalka, CAFor Respondent: Md. Ghayas Uddin, JCIT, Sr. DR
Section 143(3)Section 14A

…cement of flooring/foundation has been considered by the authorities below only from the angle of current repairs as provided in section 31(i) and not under section 37. As held, inter alia, by the Hon’ble Supreme Court in the cases of Badridas Daga –vs.- CIT [34 ITR 10] and Calcutta Company Limited –vs. – CIT [37 ITR 1], even if the expenditure made by the assessee cannot be described as current repairs, he is entitled to invoke the benefit of section 37. Even in the case of Modi Spinning & Weaving Mills Co. Limited (supra), Hon’ble Delhi High Court while holding that the amount spent for replacement of administr…