CIT v. Morgan Securities & Credits Pvt. Ltd.

292 ITR 339High Court2007#5245 most cited

What is CIT v. Morgan Securities & Credits Pvt. Ltd. authority for?

A debt written off by a taxpayer qualifies for deduction under section 36(1)(vii) of the Income-tax Act, 1961, if it has been written off in the accounts in the year it became irrecoverable, without requiring the assessing officer to determine if the debt was indeed 'bad'.

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2010 to 2023.

Also referred to as

CIT v. Morgan Securities & Credits Pvt. Ltd. · section 36(1)(vii) · bad debt write off · irrecoverable debt · income tax deduction · business loss · financial company · non-banking financial company · hire purchase

Judgments citing CIT v. Morgan Securities & Credits Pvt. Ltd.

Commissioner of Income Tax vs. Vistar Construction Pvt. Ltd

Appeal is dismissed in limine

ITA/1498/2010HC Delhi30 Sept 2010
Section 260ASection 263Section 28Section 36(1)(vii)Section 433

…write off the debt, and that the AO is precluded from looking into the fact whether the debt is “bad” or not. The issue is squarely covered by the decision of Hon’ble Jurisdictional High Court in the case of CIT Vs. Morgan Securities & Credits Pvt. Ltd. 292 ITR 339 and CIT Vs. Autometers Limited 292 ITR 345. CBDT Circular No.551 dated 23.01.1990 also supports the assessee’s claim………… xxx xxx xxx ……. Later Philip Holzman has filed a winding up petition against Holzman Videocon Engineers Ltd. u/s 433(f) read with 439 of the Company Act, 1956 inter alia alleging that there is a…

Commissioner of Income Tax vs. Vistar Construction Pvt Ltd

Appeal is dismissed in limine

ITA - 1498 / 2010HC Delhi30 Sept 2010
Section 260ASection 263Section 28Section 36(1)(vii)Section 433

…write off the debt, and that the AO is precluded from looking into the fact whether the debt is “bad” or not. The issue is squarely covered by the decision of Hon’ble Jurisdictional High Court in the case of CIT Vs. Morgan Securities & Credits Pvt. Ltd. 292 ITR 339 and CIT Vs. Autometers Limited 292 ITR 345. CBDT Circular No.551 dated 23.01.1990 also supports the assessee’s claim………… xxx xxx xxx ……. Later Philip Holzman has filed a winding up petition against Holzman Videocon Engineers Ltd. u/s 433(f) read with 439 of the Company Act, 1956 inter alia alleging that there is a…