Bilasrai Juharmal v. CIT

SOUTHERN GROUP INDUSTRIES P LTD.,CHENNAI vs. ITO, CORP WARD -6(3), CHENNAI

In the result, the appeal filed by assessee in ITA No

Bench: Shri Ramit Kochar & Shri Duvvuru R.L.Reddy*नधा,रण वष, /Assessment Year: 2013-14 V. M/S.Southern Group Industries Pvt. The Income Tax Officer, Ltd., New No.72, Old No.19, Corporate Ward-6(3), Room No.706, 7Th Floor, Raja Annamalai Building, Marshalls Road, New Block, 121, Egmore, Chennai-6000 M.G.Road, Chennai-600034 [Pan: Aaecs0081Q] (अपीलाथ//Appellant) (01यथ//Respondent)

…Counsel for assessee relied upon decision of Hon’ble Supreme Court in the case of T.R.F. Limited v. CIT reported in [2010] 323 ITR 397(SC) and also decision of Hon’ble Madras High Court in the case of CIT v. Crescent Films Private Limited reported in (2001) 248 ITR 670(Mad.) to contend that these bad debts written off by assessee in its books of accounts be allowed as deduction. On being asked by the Bench, Ld.Counsel for assessee fairly submitted that no evidence is placed before authorities including tribunal to substantiate that these loans and advances were given in connection with business of selling b…

DCIT, CHENNAI vs. SPERO FOUNDATIONS PVT LTD., CHENNAI

Bench: Shri Sanjay Arora & Shri George Mathan

…e was confirmed in the absence of any improvement being effected in its’ case by the assessee. Aggrieved, the assessee is in second appeal. 3. Before us, the ld. Authorized Representative (AR) would, placing reliance on CIT v. Crescent Films (P.) Ltd. [2001] 248 ITR 670 (Mad), submit that the assessee had purchased from the lendee concerns in the past as well. The companies had been declared defunct, and not gone into dissolution. The genuineness of the claim of loss could not be doubted merely because the said date was close to the date of the advance/s. The ld. Departmental Representative 3 ITA Nos.1189 & 1…